Close Menu
    Trending
    • Albany Election Winners Poised to Shake Up Real Estate
    • New York City’s Top Construction Permits: June 19, 2026
    • String of Losses at Scott Rechler’s Older Investments
    • Frank Carone Swept Up on Federal Bribery Charges
    • Silberstein Scores Debt on David Werner Conversion Target
    • Mamdani-Backed Candidates Sweep NYC Democratic Primaries
    • New York Top Real Estate Deals: Tuesday, June 23, 2026
    • Rent Collections Are Down in New York’s Affordable Housing
    WorldEstateUSA
    • Home
    • Real Estate
    • Real Estate News
    • Real Estate Analysis
    • House Flipping
    • Property Investment
    WorldEstateUSA
    Home»Real Estate News»Ex-Mob Associate Sues Lender, Alleges “Modern-Day Mafia”

    Ex-Mob Associate Sues Lender, Alleges “Modern-Day Mafia”

    Team_WorldEstateUSABy Team_WorldEstateUSAMay 5, 2026No Comments2 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Reddit Telegram Email
    Share
    Facebook Twitter LinkedIn Pinterest Email


    A Bronx developer with a previous in organized crime is accusing his lender of working a playbook straight out of it.

    James McManus, a former affiliate of the Lucchese crime household (suppose Goodfellas) turned contractor, filed a sweeping federal lawsuit in opposition to Fairbridge Asset Administration and its executives, alleging they orchestrated a racketeering and fraud scheme to wrest management of his improvement web site at 1932 McGraw Avenue. The grievance, filed in Manhattan federal court docket, seeks $75 million in damages, Crain’s reported.

    On the middle of the dispute is a $2.1 million mortgage Fairbridge issued in 2021 to finance McManus’ plan to switch a two-story home with a 23-unit reasonably priced housing constructing. McManus claims the Darien, Connecticut-based non-public credit score agency, led by his childhood acquaintance John Lettera, lured him in with guarantees of funding, then abruptly withheld capital, manufactured a default and used aggressive ways to power a foreclosures.

    The lawsuit has 15 counts, together with racketeering, extortion, cash laundering and fraud. McManus alleges Fairbridge demanded accelerated reimbursement regardless of him staying present, pressured him to record the property underneath menace of seizure and extracted a $1 million fee to maintain the mortgage energetic, solely to foreclose anyway. He additionally claims the eventual foreclosures public sale in October 2025 was a “sham,” performed whereas he was recovering from main coronary heart surgical procedure.

    Fairbridge disputes the allegations, calling them “completely spurious” in court docket filings. The agency maintains McManus defaulted in 2023 and acquired a number of extensions earlier than it moved to guard its funding. 

    Its attorneys have requested a choose to dismiss the case, arguing McManus lacks standing and is trying to recast routine enforcement actions as legal conduct.

    What makes the go well with particularly attention-grabbing is the way it reads extra like a mob indictment than an ordinary business dispute. McManus refers to Fairbridge because the “Sixth Household” and casts its executives in mafia roles, from “Boss” to “Consigliere.” 

    The rhetoric underscores his broader declare: that frivolously regulated non-public credit score lenders can function with few guardrails, notably when coping with debtors shut out of conventional banks.

    — Holden Walter-Warner

    Learn extra

    Former home of Chicago mobster “Big Tuna” asks $5M


    New York State Building and Construction Trades Council ex-president James Cahill (Photo Illustration by Steven Dilakian for The Real Deal with Getty, NYSBCTC)

    Mob still making trouble in construction industry


    Neir’s Tavern (Credit: Google Maps)

    City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline






    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleWhy Some Real Estate Investors Build Wealth Faster Than Others
    Next Article Brooklyn Luxury Market Notches Banner Contract Volume
    Team_WorldEstateUSA
    • Website

    Related Posts

    Albany Election Winners Poised to Shake Up Real Estate

    June 24, 2026

    New York City’s Top Construction Permits: June 19, 2026

    June 24, 2026

    String of Losses at Scott Rechler’s Older Investments

    June 24, 2026
    Add A Comment
    Leave A Reply Cancel Reply

    Top Posts

    Redwood Trust closes $391 million non-QM securitization

    March 7, 202622 Views

    Why NYC Developers are Going Small

    January 22, 202613 Views

    Grand Rapids Could Become a Boomtown as Investment Money Pours In

    February 12, 202611 Views

    Silverstein Snags American Express For WTC & More

    February 28, 202619 Views

    how two housing policies blend to price out millions

    January 26, 20268 Views
    Categories
    • House Flipping
    • Property Investment
    • Real Estate
    • Real Estate Analysis
    • Real Estate News
    Most Popular

    2026 Home Price Predictions: The Correction Continues?

    December 8, 20251,791 Views

    Real Estate Scion is Holdout Against Artists in Soho Drama

    November 28, 202549 Views

    Larry Ellison Buys Two Pierre Units From Shari Redstone

    November 27, 202537 Views
    Our Picks

    The 5-Step Framework for Investing in Real Estate with Your Spouse (or Partner)

    April 15, 2026

    Escaping the 9-5 Grind with Just 2 Properties (in 2 Years!)

    November 24, 2025

    New York City’s Top Construction Permits: April 10, 2026

    April 15, 2026
    Categories
    • House Flipping
    • Property Investment
    • Real Estate
    • Real Estate Analysis
    • Real Estate News
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • About us
    • Contact us
    Copyright © 2025 Worldestateusa.com All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.