An infamous New York City landlord and his lender have struck a deal.
Ved Parkash, one of the city’s “worst landlords,” has agreed to sell three of his buildings as part of an agreement with Community Stabilization Partners, Gothamist reported. The lender issued an ultimatum requiring the sale of the buildings to prevent foreclosure on those properties, as well as 21 others in his company’s portfolio.
The properties slated for sale include a 44-unit property at 1110 Anderson Ave. in the Bronx and an 84-unit complex at 89-20 161st St. in Queens, where Parkash defaulted on a mortgage loan in 2024. The third is a 79-unit complex on Noble Avenue in the Bronx, which has been sitting empty since a severe fire displaced hundreds of residents in 2023.
No buyer is yet in place for any of the buildings, Community Preservation Corporation senior vice president Robert Riggs told Gothamist.
Under the agreement, the lender will stop foreclosure on 10 of Parkash’s buildings and reduce his loan payments for the next two years to give the landlord a chance to fix problems in his other 21 buildings, including mold, broken elevators, crumbling retaining walls and other housing code violations. Community Preservation Corporation will also appoint an independent monitor to oversee all repairs.
The agreement comes as the Mamdani administration actively works to move struggling rent-stabilized apartment buildings into the hands of nonprofits and community groups it views as more responsible owners.
Community Stabilization Partners is a partnership between Community Preservation Corporation and Related Fund Management that took over loans on 35,000 mostly rent-stabilized apartments after Signature Bank collapsed in 2023. It is backed by a $60 million investment from the city through municipal pension funds.
Parkash gained notoriety in 2015 when he landed on top of the public advocate’s worst landlord list, racking up 2,200 open housing violations. Since then, he’s been sued by dozens of tenants, been accused of Section 8 discrimination, was fined for cramming extra units into buildings and has been accused of wage theft. Parkash sued 460 families for eviction in the first 18 months of the COVID-19 pandemic.
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