realestate

Hotel Investors Embroiled in City Hall Bribery Scandal

Real Estate Investors Accused of Exploiting Connections at City Hall.

R
eal Estate Investors Accused of Bribing City Hall Official for Favorable Treatment. Raizada Vaid and Mayank Dwivedi allegedly paid over $100,000 to Ingrid Lewis-Martin, a former top adviser to the mayor, and her son Glenn Martin II in exchange for help with delayed construction projects. The indictment alleges that Lewis-Martin used her position to advocate for Vaid and Dwivedi's hotel projects, repeatedly contacting the Department of Buildings to resolve issues.

    Vaid and Dwivedi had relatively low profiles in New York City real estate before the bribery charges. Vaid has partnered with members of the Chetrit and Aini families on retail and hotel properties, while Dwivedi has invested in boutique hotels in the Hamptons. The indictment describes text messages related to one of Vaid's properties, where he sent a Department of Transportation application to Martin, who then asked the acting buildings commissioner to look into it.

    Vaid owns several properties in New York City, including 1412 Broadway and 1204-1210 Broadway, which he refinanced with a $58 million loan in 2016. Aini provided loans on two other Vaid properties mentioned in the indictment, but a representative for Aini stated that Jacob Aini does not have an ownership stake in those properties.

    Dwivedi's alleged participation in the scheme appears to be more behind-the-scenes. He told Vaid that Lewis-Martin's help was needed when the Buildings Department rejected an application for renovations at the Hotel on Rivington. Dwivedi has invested in boutique hotels, including the Maidstone Hotel in East Hampton and the Capri Southampton.

    Attorneys for Vaid called him a "self-made man" who achieved success through hard work and integrity, while an attorney for Dwivedi stated that her client "did nothing wrong." The two men have entered not guilty pleas and intend to fight the charges vigorously.

Hotel investors implicated in bribery scandal at city hall building entrance.