Landlord battles Sentinel over alleged rent-regulation fraud

A New York City landlord is locked in a legal fight with veteran multifamily investor Sentinel Real Estate over an alleged scheme to inflate the value of five Washington Heights apartment buildings. The landlord, an LLC connected to Michael Aryeh’s Heritage Realty, says Sentinel and its affiliates misrepresented the rent-stabilization status of dozens of apartments, allowing the company to sell the properties at artificially high prices, according to a lawsuit filed in state Supreme Court. Aryeh claims he overpaid by at least $50 million when he purchased the buildings for $85 million between 2016 and 2017. The case has been […] This article originally appeared on The Real Deal. Click here to read the full story.