That sound you hear? It's residents of Battery Park City's Hell Building, formally known as Rector Square celebrating their long weekend early. The developer, Yair Levy has been banned from “engaging in any business activity relating to the advertisement, offer or sale of securities--which includes condominium and co-operative apartments--in or from the state of New York." He's also ordered to pay a total of $7.76M to Rector Square, after being found guilty of emptying the building's reserve fund after his firm, YL Real Estate Developers, defaulted on its $165M mortgage. Adding insult to injury, NY State Attorney General Eric Schneiderman says "With today's judgment, Yair Levy is out of business, and tenants and homebuyers in New York are more secure without this predator in the marketplace." And that's what we call getting burned.
· Yair Levy Banned from NY Real Estate [Crain's]
· Yair Levy Coverage [Curbed]
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