Already facing lawsuits over a failed condominium project in Manhattan, White Plains developer Michael P. D’Alessio has been hit with three new suits brought by seventeen investors who are seeking at least $17 million in damages. The new suits claim D’Alessio’s Michael Paul Enterprises defrauded investors with his plan to buy Manhattan townhouses and convert them into condos. D’Alessio had allegedly promised quick repayment for loans but investors filed their first suits in the case once he stopped making payments. In a letter to his investors, D’Alessio wrote, “I am terribly sorry for these turns of events,” blaming city inspectors and a changing market for delaying his projects. [WBJ]
White Plains developer sued for $17M over alleged fraud scheme
New York /
Mar.March 22, 2018
01:59 PM
Related Articles
arrow_forward_ios

Westchester group lobs its own constitutional challenge to New York’s rent law

The Seychelles to auction off estate at a discount after diplomat’s divorce

Westchester & Fairfield Cheat Sheet: White Plains YMCA site set for $100M apartment complex, $48M Greenwich sale is priciest in 5 years… & more

Paul Simon’s Connecticut estate is on the market for $14M

Westchester & Fairfield Cheat Sheet: JPMorgan to sell One City Place in White Plains, Greenwich homeowners get used to price cuts… & more

This new bill is taking aim at property taxes for golf courses — including Trump’s
Rockland County’s troubled Time Nyack Hotel gets a new owner
Edge-on-Hudson developers enlist architect for parks and paths
arrow_forward_ios