Rivington Street – An Alluring Unwind

rivington house

 

Can the Rivington Deal Be Undone?

April 13, 2016

 

*** BREAKING NEWS ***

Bharara looking into Rivington deal, sources say

Politico New York, April 2016

http://www.capitalnewyork.com/article/city-hall/2016/04/8596489/bharara-looking-rivington-deal-sources-say

“Allure paid $28 million for the property and promptly requested the Department of Citywide Administrative Services (DCAS) lift restrictions on the deed that required it to be a non-profit healthcare facility. After the nursing home operator paid a $16 million fee, the agency lifted the restrictions on Nov. 11, 2015. Three months later, Allure sold it for $116 million to Slate Property Group, which Capalino also represents, though not for this particular transaction.

City Hall is reviewing whether it has grounds to sue Allure, which had indicated in an email it would try to maintain the facility as a nursing home. Allure and Capalino have maintained they did nothing wrong.”

FINALLY THE FEDS ARE GETTING INVOLVED IN THE ALLURE DEAL

U.S. Attorney Probes Manhattan Land Deal

Wall Street Journal, April 12, 2016

http://www.wsj.com/articles/u-s-attorney-probes-manhattan-land-deal-1460515338

“The U.S. attorney’s office in Manhattan is examining a decision by Mayor Bill de Blasio’s administration to lift deed restrictions on a Lower East Side health-care facility, a move that allowed the building to be sold for what appears to be a $72 million profit, people familiar with the matter said. “

One thought on “Rivington Street – An Alluring Unwind

  1. The DOB has put a stop work order on the building. We now have four investigations to get the full facts: US Attorney Bharara, the Comptroller, NYC DOI and the State AG are in gear. All local electeds continue their focus on this.

    The AG’s office noted that the Allure Group was required to (and didn’t) get a sign-off for the sale from the AG’s office, and the [sale of the deed] paperwork includes a caveat that the sale is subject to: 4) “violations of any local, State or Federal governments having jurisdiction at the time of closing” which could be a legal basis to nullify the sale.

    We need to know if this or any other apparent fraudulent actions give a basis for nullifying the sale.

    And of course the ‘owners’ – who bought this under circumstances that no one who ever intends to do business in the U.S. or this city should ever have agreed to – could return the building. With a full refund of the $16million.

    Liked by 1 person

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