The Real Deal New York

From the archives: Real estate’s dark side

December 06, 2014 02:00PM

In a winner-takes-all industry like real estate, ambition can often go awry. When it comes to real estate scams and crimes in New York, no economic cycle is spared. As The Real Deal and other publications have documented, a number of cash-strapped industry players have turned to devious acts during the recession as finances have grown tight.

But it’s not just the bad times that breed bad behavior. In our March 2010 issue, we explored some of the most elaborate scams, from stealing buildings to faking construction permits. Click here to read the full story.

  • JEng

    I’ve collected a lot of articles on building collapses recently – you can get a demolition without the expense of going through DOB by effecting a building collapse that you can chalk up to as accidental and the owner of the building will be on the hook, the tenant advocate will come flying out of the rafters to condemn the owner who will probably be arrested et voila, no tenants to negotiate with to buyout when these premises go on the market because any tenant not in on it will be in the building at the time of the collapse.

    We have supplemental support columns in our building, we have a steel replacement beam installed after the unsolved arson and we have new gas and new electrical. We are not vulnerable to a building collapse and we won’t let our building be vulnerable to do that but if someone wants to get you, they won’t leave you alone. They can water damage your building from the inside (and on your water bill no less).

    Building collapse to take a property has happened on Hainan Island in China in recent years where people on purpose damage the building next door to force owners to let go of their property. Real estate was targeted by corrupt officials as reported by Ted White in Thunder Out of China where taxes were so unaffordable that small land owners became serfs.

    To me the double whammy scam is rent regulation AND property taxes on buidlings – it should be one or the either not both. NYCHA does not have to endure this unaffordability.

  • JEng

    How common is equitable subrogation?