-+ 0.00%
-+ 0.00%
-+ 0.00%

Bankruptcies, Lawsuits And An AG Probe: A Prolific Brooklyn Developer's Downward Spiral

Barchart·06/05/2025 03:36:09
Listen to the news
The six-story condo at 475 Washington Ave. in Clinton Hill in Brooklyn has become the center of a legal and financial storm. Residents — a mix of natural wine merchants, artists, tech workers and rent-stabilized tenants — have filed at least four lawsuits against developer Louis Greco alleging fraud, self-dealing and failure to deliver on promised apartments. Their legal efforts face new uncertainty after Silver Point Capital foreclosed on the property last month following a $35M loan default. The building is also under active investigation by the New York Attorney General, according to documents obtained by Bisnow and confirmed by Greco.