LES landlord indicted for mortgage fraud

Dean Galasso allegedly lied about rent roll to land $5M loan

New York /
Apr.April 07, 2017 08:32 AM

New York State Attorney General Eric Schneiderman charged a Lower East Side landlord with lying about his rent roll to land a $5 million mortgage.

According to a statement released Thursday, the AG accuses Dean Galasso of submitting forged documents inflating the rental income at the multifamily walkup 43 Essex Street to land an acquisition loan from Investors Bank. He bought the building for $6.9 million in 2014, records show.

The mortgage fraud charges stem from an investigation into tenant harassment at the 10-unit property. Residents accused Galasso of turning off cooking gas for a year, as well as heat and hot water ahead of a January 2016 snow storm.

“Bad landlords are now on notice: if you attempt to break the law, we will find you and prosecute you to the fullest extent of the law,” Schneiderman said in a statement. [NYP] — Konrad Putzier


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
RXR's Scott Rechler, Tamir Shemesh, Richard Meruelo, and Maria Meruelo (Getty, Serhant, Coldwell Banker)
Breakups, layoffs and walkaways: No love in real estate last week
Breakups, layoffs and walkaways: No love in real estate last week
Starwood's Barry Sternlicht with rendering of Field & Stream Lodge
Sternlicht’s Starwood plans outdoor-focused hotel chain
Sternlicht’s Starwood plans outdoor-focused hotel chain
Connecticut proposal would convert empty box stores into housing
Connecticut proposal would convert empty box stores into housing
Connecticut proposal would convert empty box stores into housing
Orinda mayor Inga Miller and map of Orinda, California (City of Orinda, Google Maps, Getty)
Bay Area city caught trying to pull a fast one for housing sites
Bay Area city caught trying to pull a fast one for housing sites
Kansas City Chiefs quarterback Patrick Mahomes
Patrick Mahomes stacking up Super Bowl bids — and homes
Patrick Mahomes stacking up Super Bowl bids — and homes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...