Once a powerful developer, Yair Levy was given a lifetime ban from selling real estate securities following a theft scandal at 225 Rector Place. But now the defiant developer is fighting back despite a court decision that upheld his ban in 2012.
Levy told Crain’s that he believes he can continue to sell condos through his family trust and that he plans to focus on small residential fixer-uppers and renovating commercial buildings.
He also denies the court-upheld narrative surrounding the incident at 225 Rector Place:
“We put millions of our own pocket into the building to continue with the construction because the bank stopped giving us money,” Levy said.
Levy was found guilty of plundering more than $7 million from a reserve fund at the condo conversion, which Levy eventually lost to his bank.
“Most people went through tough times in 2008,” Levy told Crian’s. “People think I have a bad name, and that’s why I am trying to explain this story. [People are] mistaken as far as what happened in the past.” [Crain’s] —Christopher Cameron