"The lender claims the borrower transferred about $1 million of tenant security deposits to outside accounts, including $300,000 to accounts tied to Chetrit affiliates."
"Concerns raised in the case extend beyond financial issues; they include allegations of intentional self-dealing and diversion of funds by the Chetrit Group."
"Michael Driscoll stated that this indicia of intentional self-dealing, diversion, and misappropriation of cash flow necessitates the appointment of a receiver."
"The development firm, Chetrit Group, failed to collect over $1 million in back rent since 2023, according to the lender's allegations."
A lender has filed a foreclosure case against Meyer Chetrit and others, seeking a receiver for properties connected to intentional self-dealing and fund diversion. The disputes center on properties at 500 and 512 Seventh Avenues in Manhattan, with claims of approximately $1 million in tenant security deposits being mishandled. The defendants include Joseph Moinian and Edward Minskoff. Allegations include funds transferred to Chetrit affiliates and over $1 million in unpaid rent by the Chetrit Group, prompting urgency for a court decision on a receiver's appointment.
Read at therealdeal.com
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