On Monday, news broke that landlord Steve Croman of 9300 Realty was hit with a 20-count indictment on charges including grand larceny and filing false documents ... as well as a civil suit.
Croman, who reportedly owns more property in the East Village than any other landlord, faces up to 25 years in prison.
In a story posted yesterday, The Real Deal dug into public records to figure out Croman's revenue and expenses from his 145 buildings, which was used to estimate his net income.
According to The Real Deal's research, Croman owns 47 buildings in the East Village with 617 units. His gross income just from the East Village properties was estimated at a little more than $23 million. (In total, he took in some $63 million in 2014, per TRD.)
Here's an excerpt from TRD:
At six of his properties — 380-382 East 10th Street, 145 East 26th Street, 44 Avenue B, 20 Prince Street, 199 East 3rd Street and 325 East 5th Street — Croman was charged with changing the rent rolls in an effort to make the property’s income appear higher than it was. In one instance in 2012, Croman reported that all 20 units at 380-382 East 10th Street were market-rate, according to Department of Finance records reviewed by TRD. However, all 20 units were listed as rent-stabilized in the prior year, and 10 were marked as rent-stabilized in 2013. At present, three of the apartments are listed as rent-stabilized.
According to Attorney General Eric Schneiderman’s lawsuit, Croman allegedly would walk through his office chanting "buyouts buyouts," and staffers received sizable bonuses for every successful buyout.