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Brooklyn-based landlord Abraham Wieder says when reporters write about his business, they typically write “about my good stuff.”
But there’s not a lot of good stuff to come out of some of the distressed apartment buildings Wieder has acquired recently in Syracuse and Baton Rouge, Louisiana, Syracuse.com reported.
Indeed, Wieder, who says he has a portfolio of about 5,000 apartment units as well as commercial property throughout the country, has been sued by lenders for more than $40 million in unpaid mortgages.
After Wieder went on a spending spree over the past year, three properties — the 138-unit Ballantyne Garden property in Syracuse and two apartment complexes in Baton Rouge — spiraled amid inadequate upkeep and unpaid mortgages.
The lender of the Syracuse property, which was declared unfit to live in by the city after it removed 14,000 pounds of garbage and cited numerous violations in the process, is suing to gain control of the low-income complex. Wieder borrowed nearly $7 million against the property in March 2022. Wider, for his part, told the outlet he plans to fix the problems, even though the property is in foreclosure and a receiver has been appointed to run the building as the legal matter plays out.
Wieder borrowed $28 million in June 2022 to acquire a 383-unit complex in Baton Rouge, only to stop making mortgage payments within four months. A receiver has been appointed by a judge to run the complex while that property is being foreclosed on.
Also in June, Wieder borrowed $13.9 million for a different complex in Baton Rouge, only for foreclosure proceedings to have commenced recently after Wieder allegedly failed to stay current on payments.
Wieder’s alleged neglect isn’t limited there. Some tenants at the Sabine Park apartment complex in Orange, Texas, moved out after they lost water for months when pipes burst, affecting 59 apartments, on Christmas Eve.
A city official says the repairs haven’t been made and if the situation continues, a hearing will be held in April to determine if the affected buildings should be demolished or if more time should be given to fix the problem, Syracuse.com said.
Wieder told the outlet he had hired a plumber for hundreds of thousands of dollars to repair the damage.
“It took long to find the problem,’’ he told the outlet. “We kept on putting Band-Aid to Band-Aid to Band-Aid, and it was never fixed.”
Still, the property manager hired to manage the Ballantyne Garden and Sabine Park complexes, Asset Living, walked away from the sites, saying not enough money was set aside for maintenance and repairs.
Amid the proceedings, Wieder is building new apartments in New York City, including two buildings that were recently completed in the Bronx, Syracuse.com said.
He said he wanted to fix things in Syracuse and Louisiana.
“I know the tenants deserve the best,’’ he said to the outlet. Perhaps, but he also faced an eviction himself in Brooklyn when he was sued by a lender for not having paid back a $700,000 loan on a condo, the outlet said. He settled the suit and moved out of the unit, he said.
— Ted Glanzer
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