Episode Details

Turret Equities just scooped up a $20 million debt on two Upper East Side condo buildings with a wild past—once owned by a convicted fraudster, now caught in a legal mess after the previous owner defaulted. This isn’t their first move in the area; they nabbed a $15 million note on a townhouse earlier this year, clearly building a portfolio of distressed Upper East Side assets. The buildings’ history? Michael D’Alessio, a fraudster who turned them into luxury condos, then vanished millions—leading to lawsuits, his prison sentence, and a bank takeover. Continuum Analytics, the next owner, stumbled too—failed sales, unpaid taxes, and its CEO facing federal fraud charges. Now Turret’s holding the debt as foreclosure looms, stepping into a tangled web of lawsuits, defaults, and shady deals.

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