Con men duped investor into paying for
New York Post
By Julia Marsh
09 May 2017
Two Manhattan men conned an Italian investor into paying nearly $2
million for a Lower East Side condo with the promise that they’d flip
the unit—but instead one of the alleged scammers used the luxury pad as
a free place to crash, according to a new lawsuit.
Italian Piero Loiero hired Touraj Naghieh and Francesco Belcaro of
Capital Realty Investors in 2012 to scout investment properties, his
Manhattan Supreme Court suit says.
Naghieh and Belcaro found a loft at 153 Bowery that they claimed they
could renovate and resell within 18 months at a profit, the suit says.
Loiero bought the two-bedroom for $1.84 million in October 2013. A year
later Loiero asked another broker for a second opinion about the
marketability of the condo, but Nagheih refused to give him access
claiming that a pregnant woman was renting out the pad, the suit says.
Loiero only learned this year — when the duo claimed they were still
working on renovating the apartment four years after the purchase —
that Naghieh had been residing in the condo, the suit says.
A real tenant would have paid $8,500-a-month for the unit, according to
court papers. Loiero is suing for the $102,000 in lost rent plus other
Ken Sussmane, attorney for Naghieh and Belcaro, said that everything
regarding the condo “was done with the full knowledge and consent” of