Gallery: Death & Deception: The Risks of Real EstateJan 9, 2014
Considering that vast amounts of money is involved, advisors should be aware that crime and real estate often go hand-in-hand. Even with proper due diligence, investors may face substantial risk. The recent murder of a multifamily real estate developer from Brooklyn, Menachem Stark, is just one example. Stark, who has been described by members of his Hasidic community as a charitable man, was also over his head in debt due to foreclosure lawsuits involving his residential properties and other business-related dealings. Police suspect that his murder was ordered by either one of his many creditors or his business partner.