Wednesday, November 26, 2014

Dirty developer's deals detailed

From the Daily News:

A developer connected to a 1,700-unit luxury complex on the Queens waterfront in the final stages of city approval allegedly bribed representatives of a Greek bank to get his way in the past, court documents show.

Efstathios (Steve) Valiotis, a principal of Alma Realty, the developer behind the Astoria Cove project, was spotlighted in a 1995 federal court decision for bribing a Greek intermediary in order to secure a multimillion-dollar loan for his separate cargo vessel business.

According to evidence introduced to the court, Valiotis and another director of shipping company Levant Lines paid a bribe to a third party after a meeting with an official of the Greece-based Banque Franco-Hellenic de Commerce in order to secure a $5.7 million loan from the bank in 1990.

Levant, which operated a cargo vessel service between the United States and the Mediterranean, had failed in loan requests to more than 10 banks, to acquire two aging ships, the Spirit and the Pride, court documents note.

The shipper eventually acquired the loan it sought, and a judge noted there was “convincing evidence” that a bribe by Valiotis helped make it possible, though Valiotis was not a party to the lawsuit and the court did not explicitly adjudicate his role in the matter.

The lawsuit was between the bank and another investor who claimed he did not have to repay a related loan because it was secured through illicit means.

The council approved Astoria Cove yesterday, and the city is kicking in $5M to build the developer a ferry dock...


Anonymous said...

Why does the city pay developers to build - shouldn't it be the other way around? I mean - aside from the bribes?

Anonymous said...

Check out the folks behind Alma Bank - they have a very interesting past and are a perfect fit for the quality of leadership and movers and dealers that Astoria's local talent have making the discussions for their community.

One of the reasons that CB1 is a legendary joke throughout the city.

Birds of a like feather and all of that. Astoria is shot, but make sure that mentality does not seep into your community. Those in Paulie's and Jimmy's districts take note.

Anonymous said...

those greek slimeballs bring nothing to benefit the neighborhood but fraud,conspiracy and more greeks I guess they destroyed there country and now there here to destroy ours I am surrounded by greek neighbors and let me tell you they park in your driveway they throw there trash on your sidewalk and they walk around like there Gods gift to humanity the crappiest people I ever met