Peter Hungerford NYC -Why he was sued? The Truth Exposed (Update 2024)
Peter Hungerford was born in New York’s Hudson Valley. Peter Hungerford NYC claims that he began his real estate business after graduating from Syracuse University, creating and successfully maintaining a residential real estate firm for four years. Peter Hungerford NYC closed over 1,000 home leases as a managing partner, working with some of New York City’s oldest private ownership groups.
Peter Hungerford NYC brags that he also represented both buyers and sellers of apartment complexes and was in love with apartment towers at that moment. Showing off his self-made successful entrepreneur attitude, Peter Hungerford NYC quit the brokerage company to attend graduate school at Columbia University, where he learned how to model any investment, any component of uncertainty, and how to maximize profits in general. However, what he claims in front of the media is that his background and education are still actively used in his business today.
The city has filed a lawsuit against struggling landlord Peter Hungerford.
After all, a troublesome Rochester landlord named Peter Hungerford NYC may face receivership.
The city of Rochester sued landlord Peter Hungerford NYC late last week, seeking a court order requiring him to repair longstanding code breaches in apartment complexes at 447 Thurston Road and 967 Chili Avenue. The action requests that he be forced to solve the health and safety issues in his buildings within 90 days and that if he fails or refuses, the premises be turned over to a receiver who will collect rentals and oversee the properties until repairs are done.
City Corporation Counsel Tim Curtin has said- “Landlords and property managers must keep their properties safe and habitable, “In this case, Mr. Peter Hungerford NYC has been given multiple warnings and opportunities to correct outstanding violations at his properties, and his failure to do so means we must do what is in the best interest of our residents, his tenants.”
Peter Hungerford NYC’s rental property management came to public notice in January when Rochester regulators condemned his 21-unit building at 960 Dewey Ave. for broken heat and other tenant safety issues. Residents of another of his properties, 447 Thurston Road, called a rent strike in March in order to force renovations on their apartment complex. 967 Chili Ave. residents have joined the strike.
A March investigation by the Democrat and Chronicle discovered that properties affiliated with Peter Hungerford NYC not only had hundreds of outstanding code violations, but his companies also owed the city at least $40,000 in past payments for water supply.
Electrical difficulties, rodents, leaking and clogged plumbing, insecure entry doors, mold and mildew, ceiling collapses, and general maintenance issues have been reported by residents.
Peter Hungerford NYC also owns homes at 49 Pullman Ave., 300 Bremen St., Resolute Manor, 1573 Dewey Ave., 960 Dewey Ave., and 440 Thurston Road, according to public records.
The following code violations remained in the Thurston Road and Chili Avenue properties as of April 30: missing smoke alarms; deteriorated interior paint; broken windows; improper semi-permanent use of an extension cord; roach and mouse infestation; missing carbon monoxide alarms; missing self-closing fire doors; and clogged bathroom drain lines, according to the city’s suit.
Furthermore, as of May 7, Hungerford owed more than $27,000 in unpaid utilities for the Thurston and Chili buildings, according to the lawsuit. RG&E agreed to postpone a scheduled service shutdown by 30 days at the request of the city.
Peter Hungerford NYC claims he has spent hundreds of thousands of dollars on building renovations and that he is being unfairly picked out by Rochester and renters who have an ulterior objective of establishing a special court to handle housing complaints. Now the case will be further dealt with in June.
After being sued, the landlord Peter Hungerford NYC claims that he is being unfairly targeted.
Attorneys for a Rochester landlord named Peter Hungerford NYC have responded to the city of Rochester’s lawsuit accusing him of failing to address code infractions on time.
Peter Hungerford NYC and Thurston Road Realty are named in the case. According to the city, Peter Hungerford NYC’s apartment building at 447 Thurston Road has received up to 70 violations. According to the lawsuit, the infractions vary from missing smoke alarms to insect and mouse infestations. Peter Hungerford NYC’s lawyer sent the judge an 80-page document confirming that all but 35 of the infractions had been remedied. They claim to have engaged a new property manager and maintenance crew to finish the job. Peter Hungerford NYC claims in the documents that they have been unfairly targeted.
Similar properties with substantially more property violations are not subjected to the same aggressive legal action and media scrutiny. Thurston Road Realty should be treated like any other property owner.”
Real Estate’s Family Drama of a Mogul Is a Real-Life ‘Succession’
The huge, Succession-style territorial war began with a dispute between two infamous landlords and brothers, Arthur and Abe Haruvi, over the future of their 500-unit Manhattan empire, with each accusing the other of mismanagement or deceit.
In the most recent twist, Arthur’s daughter, Michelle, has filed a court petition alleging that she was pushed out of the family business and evicted from her apartment after voicing concerns about it.
And things are heating: her father’s business partner, real estate magnate Peter Hungerford NYC, claims it’s all a ruse to steal daddy’s money.
Peter Hungerford NYC words-
Arthur and Abe Haruvi haven’t replied with any thoughts.
The brothers turned out to be each other’s deadliest foes, resulting in years of legal wrangling over the future of their company. In 2020, Arthur Haruvi sued his brother, alleging that he mismanaged their properties and kept him out of the company’s books. Abe countersued, alleging he was the one who didn’t have access to the records and calling Arthur’s claims “drivel” and “an insult to the intelligence of the court.”
Michelle claims that while she was in San Francisco, her father began discreetly discussing a scheme to buy out his brother with the help of another man, real estate billionaire Peter Hungerford.
Michelle alleges she only found out about the intended merger at the end of 2020 when her sister Aileen informed her that their father was thinking of having Peter Hungerford NYC buy out Abe and seize control of the company. Peter Hungerford NYC allegedly failed to send up important financial records when Michelle demanded information about the prospective sale. She adds that when she enquired again in early April 2021, Peter Hungerford NYC told her mother and sister to tell her to stop asking about the purchase. She claims that when she called her sister for updates later that month, Aileen began “shouting obscenities” at her.
Though Peter Hungerford NYC does not deny that he turned over the documents to Michelle as she was not entitled to those as she wasn’t the company’s shareholder.
Michelle alleges her father informed her in May 2022 that the controversial refinancing agreement had been completed, along with his brother’s buyout, handled by Peter Hungerford NYC. He refused to provide her with any information, so she called her uncle, who confirmed he had been bought out for $80 million, according to her claim. He didn’t go into any greater detail.
Michelle believes that with Abe out of the way, Peter Hungerford NYC was now in charge of the family business. According to her suit, she persuaded her father to request information on the firm and its financing from Peter Hungerford NYC in June. Peter Hungerford NYC called later that day to tell her that her father had changed his mind.
Her mother allegedly threatened to evict her if she continued to demand information. In September, the Haruvi-owned building where Michelle and her wife were living rent-free issued an eviction notice signed by Peter Hungerford NYC.
What is claimed by the business and Peter Hungerford NYC-
Haruvi family sells part of its NYC rental enterprise for $139 million.
Years of infighting between brothers Abe and Arthur Haruvi led to the sale to Peter Hungerford NYC’s PH Capital.
After years of squabbles and legal wrangling, the Haruvi family has sold a significant portion of its Manhattan apartment business.
According to public records, landlord Peter Hungerford NYC’s PH Realty Capital paid $139 million in May for over half of the family’s assets. A dozen properties, totaling more than 200 units, are largely centered on the Upper West Side, with the exception of two buildings on First Avenue in Midtown East.
Rialto Capital provided PH Capital with a $160 million loan to acquire and refinance the buildings, as well as almost $23 million for repairs. According to Peter Hungerford NYC, one of the properties, at 54 West 75th Street, was damaged by fire in 2020 and is the sole empty property involved in the purchase.
Peter Hungerford NYC words- “We are primarily installing new toilets and other things to clear up building violations”.
The transaction comes after years of turmoil for the Haruvi family, which has included disputes between brothers Abe and Arthur Haruvi, as well as Abe’s impending divorce from his wife, Giovana Stephenson. Abe Haruvi was reportedly acquitted last week of a minor battery charge coming from his arrest in December for an alleged domestic violence episode at the couple’s South Florida estate.
According to court filings, Abe controlled 50% of the companies, Jacreg Realty and Simry Realty, that sold the properties to PH Realty in May, while other family members, including Arthur, held the other half.
According to Hungerman, the entire Haruvi portfolio of around 500 apartments is worth at $264 million, but the jammed nature of ownership has prompted legal jousting over financial concerns at the buildings since the beginning of the pandemic.
As occupancy rates fell significantly across the portfolio, the brothers disagreed on how to refinance the properties, according to court filings, with Arthur accusing Abe of stealing profits from the ownership entities.
Abe, who declined to comment for this story, has kept a quiet profile since he and Stephenson were sued for alleged mistreatment by their maid more than a decade ago. Years before that, Abe sparked outrage by attempting to evict rent-regulated tenants from his Manhattan properties, and he faced backlash in 2012 when he used similar tactics at an East Village apartment complex.
Conclusion
In conclusion, the chapter mentions the $139 million May sale of a sizable chunk of the Haruvi family’s Manhattan apartment business to PH Realty Capital. Twelve properties totaling more than 200 units, mostly in the Upper West Side and two in Midtown East, are included in this deal. For the purchase and renovations, including one to a building damaged by fire in 2020, Rialto Capital provided financing totaling $160 million. In particular, tensions between brothers Abe and Arthur Haruvi and Abe’s pending divorce from Giovana Stephenson have caused years of family strife, which led to the sale.
The family’s property holdings, believed to be worth $264 million, have been troubled by ownership issues, money problems, and decreased rates of occupancy during the pandemic. Abe Haruvi, who controlled 50% of the selling companies, has a history of legal troubles, including accusations of abuse and contentious attempts to remove rent-regulated residents. Despite these difficulties, the sale represents an important turning point in the Haruvi family’s real estate saga.
So glad this article was posted. Peter Hungerford is a complete slumloard. He has collected property in NYC and is continuing his inhumane practices there. Luckily in NYC there is public information on housing complaint and Violations through HPD. I recommend you to check out the property he owns for proof of his horrid business practices. One of his building in Harlem/Upper Manhattan has 120+ Violations and 150+ complaints since his acquisition.
https://hpdonline.nyc.gov/hpdonline/building/39554/overview