Short sale specialists

From Buzzfeed:

On a bustling block in the Rego Park neighborhood of Queens, above a pharmacy and a bagel shop, sits the unmarked office of My Ideal Property. The long blocks outside are punctuated with Russian Cyrillic signs. Rego Park and nearby Forest Hills are home to a tight-knit community of Bukharians, first- and second-generation Jewish immigrants from Central Asia who migrated to the area after the Soviet Union collapsed.

The men, who called Serhant in 2015 with a deal, grew up in this diaspora. One of them, Isaac Aronov, graduated from Forest Hills High school in 2004. Public records show he landed a job as a mortgage broker at an office in Rego Park. It was the heyday of the boom. Housing prices were higher than they’d ever been. But the frothy market he entered was already heading toward disaster.

After the crash, Aronov, like Wall Street, was nimble enough to recognize that there was opportunity in distress. In 2008, he started My Ideal Property with some friends from the neighborhood. They were young, ambitious, and willing to work hard. With what one former partner described on his website as “zero experience or financial support,” they began buying homes in some stage of foreclosure.

They gravitated toward the majority black and Latino neighborhoods that were hubs of subprime lending before the crash, and later accounted for over three-quarters of New York City’s foreclosure filings. Taking out short-term, high-interest private loans from wealthy backers in Manhattan and Long Island, they bought fast.

It was a lucrative time to be buying, and investors across the city were busy. A recent analysis by the nonprofit Center for NYC Neighborhoods found that, between 2014 and 2016, more than 5,800 homes were “flipped,” or bought and sold within a year. Half of them were in some stage of foreclosure. Within this rush, the men behind My Ideal Property carved out a significant niche. By 2016, the company had done more than $250 million in deals and employed over 100 people, according one founder's website.

But that aggressive move into troubled neighborhoods has come at a cost for their inhabitants.

Costa has an opponent

From DNA Info:

A local real estate agent who's been pushing the city to restore the long-shuttered diving pool in Astoria Park has jumped into the race for the neighborhood's City Council seat.

Kathleen Springer is running as an independent candidate for Council District 22 in the Nov. 7 election, challenging incumbent Councilman Costa Constantinides, who's held the post since 2014.

"I am basically running against the machine," said Springer, who grew up in the Marine Terrace apartments near Astoria Park. She also worked for decades in local real estate before selling her Steinway Street firm, Your Neighborhood Realty, in 2009.

"I sold or rented a house, or even commercial properties, on almost every block in Astoria," she said. "I know the neighborhood well, and I know a lot of people."

Sunnyside rental scammer sentenced to probation

Photo from Sunnyside Post

From Sunnyside Post:

A Queens woman who owned a Woodside real estate firm and scammed 28 prospective tenants out of nearly $95,000 was sentenced last month to 3-years probation–and is required to repay all her victims.

Rosita Tsiklauri, a 48-year-old College Point resident, operated Fast Solutions Realty out of 47-20 48th Avenue, where she duped prospective tenants out of thousands in cash, according to the Queens District Attorney’s office.

Tsiklauri’s firm collected deposits, fees and rental payments on apartments that were not available.

She would often show the same apartment to prospective tenants and ask them for cash payments to cover the deposit and first month’s rent. She would then tell her victims that the apartment was suddenly taken and pocket the cash.

In cases where she did refund her prospective tenants, the checks either bounced or her bank account was frozen.

She was arrested last year at JFK Airport after returning from the Ukraine. She was charged with second-degree criminal possession of stolen property, third-and-fourth degree grand larceny, first degree scheme to defraud and issuing a bad check. She faced up to 15 years in prison.

Unwanted real estate ads foisted upon homeowners

From the Queens Chronicle:

The Woodhaven Residents’ Block Association receives numerous complaints of offers landing in homeowners’ mailboxes and some getting an agent walking straight up to their door.

The offers all have the same theme — agents can sell your home for cash, a lot of it. Some of the pamphlets, copies of which were provided to the Chronicle, show comparative sales in the neighborhood.

One such ad, given to the WRBA on Jan. 18, said the realtor had closed 15 deals in five months in Woodhaven and surrounding neighborhoods.

It also reads, “Your house will be next,” seemingly assuming the sale.

Another was simply a white piece of paper with the words “I am interested in buying your house ALL CASH,” with the agent’s name and phone number on it.

Such unsolicited offers were once barred in Queens, as homeowners could list their homes as properties where solicitation was not allowed.

That ended in 2014 and realtors were once again free to solicit whomever they wanted.

Now, such cease-and-desist zones can only be established for certain neighborhoods that show it’s a prevalent issue.

Seeking cease and desist zone

From the Queens Chronicle:

At a public hearing organized by state Sen. Tony Avella (D-Bayside) and state officials, members of the public testified about the need for cease-and-desist zones — a designation that allows residents of certain areas to sign up for a list with the state that makes it unlawful for real estate brokers to solicit them.

“The people in the community are complaining about people that knock on their door at 7:30 on a Sunday morning asking if their houses are for sale and the tremendous solicitation,” Fresh Meadows Homeowners Association President Jim Gallagher said in his testimony.

Between 1989 and 2009, the entire borough was a cease-and-desist zone. Under current state law, neighborhoods can be declared cease-and-desist zones if they are considered eligible. Excessive solicitation must be demonstrated to the state by residents of an area who desire the designation. In addition to door knocking, the appeals come in the form of phone calls and mail.

At the end of his testimony, Avella presented a bag with dozens of pieces of solicitation mail “for dramatic effect.”

The hearing, which happened in the auditorium of Bayside High School last Thursday, was before officials from the New York State Department of State, the agency that determines whether the zones should be adopted.

Twelve people, most of whom self-identified as members of civic associations, spoke in favor of reinstating the designation. But as Avella put it in a press release issued the following day, the 27 real estate brokers who testified against making the borough a cease-and-desist zone “organized to hijack” the hearing.

Bayside 2-family house marketed as 5-family

Zillow ad for this legal 2-family home is here.

Interestingly, the DOB's website reveals that they applied for a permit to correct the illegal conversion, yet they apparently didn't complete it and decided to sell it as is.

Real estate scam artist busted by Arnold Diaz

From PIX 11:

“I’m calling the police right now. I’m calling the police. You have no right to be here,” said Phivos Ioannou. He ordered PIX11 to leave his office at Astoria First Realty where we’d come after getting a complaint from Erica Rosen and her fiancé, Marine vet Miguel Rodriguez.

The couple had seen a listing online for a two-bedroom apartment for $2,500 a month. They met with Dino Ioannou, Phiovos’ son, who showed them the apartment. They loved it and gave Dino a $5,000 cash deposit for security and broker’s fee. The couple says Dino told them “the apartment was ours.”

But when they didn’t hear from Dino for a week, Erica Rosen says “we got in contact with the owner of the building and the owner said he never knew anything about us, and the apartment was never ours and he has five other applicants for it. He said he wants nothing else to do with us.” Miguel says “at that point we asked for our money back and Dino never wanted to give us our money back.”

Yes, we've seen this guy before.

Plain as the nose on your face

Got flooding? I think I may know why.

This house at 1867 Stockholm Street is for sale. Here is a screenshot of the original listing:

You'll notice that the ad says that it's a 2-family with 3 units, and there are 9 bedrooms, 2 of which are in the basement. The following photos were also attached.



After DOB complaints were put in and the homeowner refused entry, the ad was changed to omit the part about the 2-bedroom basement apartment. The photos remain, however.

Now if the house is for sale, why not just make an appointment with the realtor to visit it undercover? This has been done in the past. The realtor should also be fined for advertising an illegal conversion. And it's not the first time...

Of course, Bill DeBlasio is in charge now, and he thinks these living arrangements are just dandy, so expect a lot more ignoring from the DOB.

Northeastern Queens realtor markets teardowns

"This realtor is destroying Northeastern Queens, one crap sale after another. I spotted this for sale yesterday. Just the land around this gorgeous house in Whitestone." - Anonymous

It's not kosher to advertise this way

Once you put anything other than "for sale" on the sign, it becomes an illegal ad, not a legal 'for sale' sign. Advertising a house, such as this one on Maspeth Avenue, as a teardown is therefore a no-no. And Greiner-Maltz knows better. Of course, good luck getting DOB to care.

Should plea deal worry Meeks?

From the Times Ledger:

A real estate agent with questionable ties to U.S. Rep. Gregory Meeks (D-Jamaica) pleaded guilty Wednesday to defrauding financial institutions in order to obtain mortgages for homes in southeast Queens.

Edul Ahmad, who entered a guilty plea in Brooklyn federal court to conspiring to commit bank fraud and wire fraud, faces up to 30 years in prison and a $1 million fine.

There was speculation that prosecutors prodded Ahmad to give up information about $40,000 he gave to Meeks in 2007, which was being investigated by the House Ethics Committee. Meeks failed to report the money on his 2007, 2008 or 2009 financial disclosure statements, according to an Office of Congressional Ethics investigation, which found he took out a home equity loan in 2010 to repay Ahmad $59,650 in order to appear the money was a loan with interest.

Watch your walls

From NY1:

Those who think it's easy and legal to put up a wall in an apartment to create another room are urged by the city building commissioner to think again. NY1's Real Estate reporter Jill Urban filed the following report.

All the time, listings describe a unit as a “convertible” three-bedroom or a “Junior 4.” These terms imply that one can add a bedroom by simply putting up a wall. But most people do not know there is nothing simple about it.

"When the broker says, 'No big deal, just put up a wall and you’ll have a three-bedroom,' it sounds really great. But when you get into that position sometimes, it's not all what it’s cracked up to be," says Buildings Commissioner Robert LiMandri.

What the broker may not be sharing is that those temporary pressurized walls are illegal. Putting up a permanent wall requires a permit.

"What you want to make sure is that it is built according to codes. Codes are there to protect you, the people around you and the first responders. And when people don’t do the right thing, innocent people can get hurt," says LiMandri.

Getting a permit is a multi-step process. LiMandri says first a licensed architect or engineer needs to be hired to draw up the plans and file them with the city to get the permit. That can be time-consuming and pricey.

Real estate scammer sent to slammer

MYFOXNY.COM - A shady real estate agent who has been in the Fox 5 Hall of Shame twice has changed locations.

His new home is surrounded by metal bars and barbed wire.

Arnold Diaz has the update.

Hokey realtor in the pokey

From the Daily News:

A shady real estate broker who operated his Astoria firm despite being convicted of identity theft is finally in the big house.

Phivos Ioannou, 50, surrendered to the feds on March 1 and was stripped of his real estate license after being charged with bank fraud, according to court papers and his attorney.

The charges against Ioannou included using a credit card terminal at the real estate agency to fraudulently charge an AmEx card belonging to the FBI.

Ioannou pleaded guilty to conspiracy to commit bank fraud in April and was sentenced to two years behind bars and three years parole. He reported to a low-security prison in the Allenwood Federal Correctional Complex in White Deer, Pa.

Ioannou was twice featured on Fox 5 News’ “Shame, Shame, Shame” segment. Dozens of commenters on various online forums complained about his shady dealings, including taking deposits without delivering the promised services and using false advertising to lure in clients.

Shady Astoria realtor going to jail?

From Fox 5:

It looks like an Astoria, Queens, real estate salesman, Phivos Iannou, also known as Phil, who already is in the Fox 5 Hall of Shame since 2010 for scamming apartment hunters, may finally be forced out of business.

Arnold Diaz reports that the law has caught up with this hustler -- again.

Previously:
Collecting above and beyond the rent

Astoria realtor scam exposed on TV

Shady realtor operating under new name

He meant well, but...

From the NY Times:

It’s one of the oldest tricks in real estate: pretend that a property is in a more desirable neighborhood and demand more rent or a higher sale price. In other words, advertise that an apartment is in, say, Prospect Heights rather than Crown Heights.

When brokers cannot do that, some make up a whole new name, like ProCro for the area between Prospect Heights and Crown Heights. Or they rename places like the South Bronx “SoBro” and South Harlem “SoHa.”

Assemblyman Hakeem Jeffries, a Brooklyn Democrat, has little patience for this kind of broker babble. He said he would introduce a bill next week to require a series of approvals for new neighborhood names — from the community board, the City Council and the mayor.

His bill would also punish real estate brokers who promoted property with an unofficial, made-up name. The bill calls for fines and the possible suspension or revocation of brokers’ licenses.

He said he was simply trying to bring order to the chaos out there.

You're gonna have a tough time with that one, Hakeem. It's nice to want to defend neighborhood identity but your proposal violates the first amendment and there are more effective ways to embarrass realtors besides legislation.

Coming soon: crap?

"Location:

163rd Street off 35th Avenue, Broadway/Flushing-north.

What's "coming soon" as the sign proclaims?

This beautiful old home featuring all of its original stained glass windows intact is up for sale.

Remax's diva of disgust Judy Markowitz is at it once again.

Talk about crapping in your own yard...although she lives in Broadway-Flushing she's apparently willing to sell sell out her own nabe."

Richmond Hill realtor busted

From the Daily News:

A crooked realtor was busted this week for scamming unsuspecting home-seekers out of thousands of dollars in deposits, showing foreclosed properties he was never authorized to rent, local prosecutors said.

Roy Rave promised an apartment in the same Richmond Hill house to at least four people - then pocketed their money, prosecutors and victims charge.

Yuliana Williams, 27, thought the apartment Rave showed her was a ticket out of her decrepit East New York building, where mold and mushrooms gave her son asthma and conditions are so bad the building was rated second worst in the borough on Public Advocate Bill de Blasio's slumlord watchlist.

So she gave him $3,000 to secure the place - only to hear a series of excuses why she couldn't move in on time.

"I saved and invested it in this apartment, and the guy turned out to be a scam artist," Williams said.

Rave was arrested Tuesday and charged with fraud and grand larceny, according to the Queens district attorney's office. He could face up to seven years in prison if convicted.

Trinie Washington, an associate of Rave's who allegedly participated in the scheme, also was arrested.

The manager in charge of the 115th St. property told prosecutors Rave didn't have permission to rent - or even enter - the house.

Meeks' lending buddy is also shady

From the Daily News:

The mysterious benefactor of embattled Queens Democratic Rep. Gregory Meeks is a scandal-scarred real-estate agent and importer under fire for alleged fraud.

Edul Ahmad, who gave Meeks $40,000 in 2007, has been called "untrustworthy" by state authorities and is being sued for predatory lending, The Post has learned.

He's a longtime friend of both Meeks and state Sen. John Sampson. Meeks and Ahmad used to hold after-hours meetings in the congressman's office, according to an ex-staffer.

Although Ahmad has long been known in his community, he landed in the national spotlight last month when Meeks disclosed for the first time what he termed a "loan" from the businessman.

The congressman, who had not paid a cent on the loan in three years, said he paid back the advance in June with compounded interest of 12.5 percent.

Meeks is already under federal investigation for his role in a Queens charity with questionable spending.

Now Ahmad is being sued by two Queens brothers, immigrants from Bangladesh, who accuse him of predatory lending and fraud.

Meeks hid his loans

From the Daily News:

Congressman Gregory Meeks has received tens of thousands of dollars in personal loans that he didn't report publicly, the Daily News has learned.

Meeks (D-Queens) admitted to The News late Friday that in the past three years, he has obtained two loans totaling $55,000 that he did not reveal on the financial disclosure forms he's required to file with the U.S. House clerk.

He says he obtained one loan with an initial principal of $40,000 in 2007 and says he since has paid it back. Meeks says he got a second personal loan in 2008 with an initial principal of $15,000 that he's still paying back.

The congressman said that on Friday he filed amended financial disclosure statements that reflect the existence of the two loans.

His office, though, failed to respond to repeated requests for copies of the amended reports.

Meeks refused to disclose the purpose of either loan, but a source familiar with the situation said they were related to construction and renovation of his ornate, $830,000 home in Jamaica.

He also refused to explain why he'd suddenly confirmed the existence of the two loans. In previous filings, he'd revealed other minor items that weren't listed on his disclosure forms, records show.

The existence of the loans emerged Friday, shortly after The News questioned him about another loan he, for the first time, had disclosed.

Released Friday, the form stated that sometime last year, Meeks got a "personal loan" of $50,000 to $100,000 from a Queens businessman named Ed Ahmad.

One of Ahmad's businesses sells construction supplies and kitchen and bathroom appliances for homes. Saturday, an employee at Ahmad's real estate office said he was in a meeting and couldn't come to the phone to discuss the loan to Meeks. He did not return subsequent calls.