We are two tenant associations who joined together to defend ourselves against a corporate real estate investment hydra that seeks to expel us from our homes in order to maximize their profits.

Friday, February 24, 2012

Ain't Nothing Going On But The Rent

Magnum Mgmt and Fortune East LLC have been playing funny games with our rent checks. We were tipped off to this shady strategy by Cooper Square Committee. The first month that Fortune owned our buildings and we were to pay our first rent to them, there was no invoice. No address to send a check to. When rent invoices did arrive the following month they were carelessly dropped on our doorsteps in unsealed envelops. We have learned to expect no concern or respect from Ben Shaoul and Fortune East LLC. Now this is their nasty little trick. They wait 6 to 8 weeks to deposit a rent check due on say October 1st. The November rent invoice arrives saying you owe 2 moths rent. They try to trip you up. We only have a PO Box as an address. Fortune East has kept the address of their office a secret. It seems like they want to make it a bit difficult to actually pay the rent. Easier to fuck you up and build a phony case against you. They have been using this strategy on all the rent stabilized tenants. This happened to me and I was caught off guard. I put a stop payment on the check. $27! I learned through our Tenant Assoc to set up online payments to a PO Box at the bank. Fortune gets paid. The money comes out of my account. There is a tracking number. If they wait 8 weeks or longer to deposit the check, the bank considers them paid. If they lose the check? Not my problem. The bank considers Fortune paid. I have not had any trouble since I started online payment. It especially burns us up at OE4 that Ben Shaoul and Fortune East are actively, and aggressively employing this shady tactic against the senior citizens in our buildings.


  1. Fortune East did that to me. I had to pay to put a stop payment on a check and then I had to write a check for two months rent. I looked on line and saw that Fortune cashed the double rent check. After all this bullshit, the bank sends me an email saying Fortune tried to cash the check that I put a stop payment on as well. I went to the bank and they said Fortune tried to cash both checks on the same day. Were they trying to get an extra months rent out of me?!

    1. Yes, and I know several people who got calls from Fortune East, that they had not received their rent check for X month. It could be months past. Total harassment tactic.
      Yes, best bet is to go through the banks and let them fight it out with them.... two well suited partners; banks and real estate... duke it out yourselves, and let us do our work and live.
      Fortune East, PVE, Magnum, etc, etc, did away with any direct pay arrangements of previous owners.... this is purposeful.... just stopped them.
      It's hard to mess with the current, expedient, efficient, well documented Direct Pay. No, when your goal is to get people out of buildings, "We haven't received your check." works much better for them.

    2. I highly doubt that its a "harassment tactic" what LL would NOT want to cash or deposit rent checks? I mean lets all be realistic here. Its easy to point a finger and say "They, They, They". BTW you can always double check if you check has been cashed by asking YOUR bank to provide a back copy of the check.

      I'm a renter in the East Village and when I read these blogs its just a bunch of miserable people that have WAYYY too much time in their hands, just stop being soo opposed to change. I can create a blog about how the Avenue's and MY community is being distrub by all "YOU" people moving in and changing my hispanic community! BUT NO I HAVE MUCH MORE IMPORTANT THINGS TO DO LIKE LIVE AND ENJOY LIFE! Maybe all of you's should try that, Enjoy life!

    3. While you're supposedly enjoying life, why don't you also take the time to enjoy the varied ethnic groups living around you? What makes you think the area "belongs" to HIspanics? You make it sound as though it was the only ethnic group that ever lived in the area and that Hispanic have some type of sense of entitlement to the neighborhood. I suggest you buy a book on the history of NYC and educate yourself. It may help alleviate your bigotry and if it does, you may actually learn how to enjoy life because life is also made up of the people around you.

  2. Everyone should use their banks or credit unions to autopay their rent. If there is a dispute my landlord can take it up with someone with a lot deeper pokets than my own.

  3. thank god you people have organized and mobilized and god bless you for doing what you can to protect the seniors in your buildings. i hope that others follow suite.
    end rent stabilized tenant abuse!

  4. Are they at "401 BROADWAY, SUITE 2400"? That phone number is set to a business address on a NYC GOV document from 2007 @ www.nyc.gov/html/dob/downloads/excel/job102007.xls. Shows these LLCs as being linked to that #:
    516 EAST 13TH OWNER, LLC
    518 EAST 13TH OWNER, LLC

  5. Anonymous 9:42 you are really naive - one of Shaoul's known tactics is to not accept checks, pretend they didn't them and then evict for non-payment. It happened to my neighbor. He went to the PO Box every day and took photos of the person getting the mail. The judge ruled in his favor, but only because he was persistent. Most people just pack up and leave. Shaoul knows it and plays on it and it's how he got 75% of the tenants to leave our buildings over the past few years.

  6. my landord try to do me like that. He dont cash my checks and he charge me 100 dollar late fee on each month. I aint payin that shit. He take me court to get me out my apartment, but I win. Wake up sistah, the real estate man comin for you. Enjoy yo life sistah but keep you your eye open.

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