Three real estate speculators, brothers Joseph and Elliot Ambalo and Etai Vardi, were the subject of a recent investigation by THE CITY, which examined claims that they had ripped off fractional property heirs and unearthed multiple fraud and forgery allegations in transactions involving the speculators’ limited liability companies. 

Some in law enforcement and the housing advocacy world had heard of this speculator ring before, but the extent of their activities was difficult to grasp because the investors purchased their properties under the cover of generically named LLCs, such as Blackstone Real Estate Group and North Bronx Ventures.

THE CITY found these obscure companies by compiling and reading through thousands of court and deed transfer records.

Heirs who are approached to sell fractional shares are especially vulnerable. Often, their relatives died without a will. They may know nothing about their inheritances and lack attorneys to help them. In many cases, they live outside New York City, and have no inkling of the potential value of their shares. 

At least one 78-year-old woman approached by the speculators about a house in Queens told THE CITY that she thought the businessmen were helping her process a calculated inheritance she had been allotted. In reality, they got her to sign onto a deed transfer, which the Queens County Public is now seeking to vacate.

Tenants often have little idea of who is behind the changes in ownership of the properties, many of which they have been living in for years. Clyde and Natalie Huddlin, two residents that THE CITY spoke to, didn’t make much of the residential removal petition that they received in February. Someone left a pile of papers on the front step of their home in St. Albans, Queens. It didn’t seem official, so they didn’t get a lawyer.

“I didn’t take it serious,” recalled Natalie Huddlin, 46, a childcare provider.

But the removal demand was real.

It was officially being carried out in the name of one of the deceased homeowner’s relatives but the speculators are likely involved. The relative, who lives in Maryland, used a business address associated with the Ambalos and Vardi in her removal petition. A few weeks before the Huddlins got the papers, one of the speculators’ LLCs, New York Asset Recovery Group, entered into a memorandum of contract with the relative to sell them the house.

Natalie told THE CITY she is worried the judge will order her to move at their next scheduled court date in August.

To provide public information about these speculators’ home purchase and eviction efforts to heirs, tenants and other affected residents, THE CITY is disclosing numerous LLC names that the investors have used since 2018. This list is not definitive, and the investors may deploy other company names in the future.

Residents who would like to learn more about the LLCs on this list can search the city’s deed database, ACRIS, by these business names to learn more about their transaction histories. They can also search New York’s online court search tool to learn about the LLCs’ residential removal and eviction efforts.

Limited Liability Companies Associated with Joseph and Elliot Ambalo and Etai Vardi

135 STREET INVESTORS LLC

153 FOCH LLC

1847 NEREID LLC

19138 115 ROAD ASSOCIATES LLC

229 CLIFTON PLACE LLC

76 ROCKAWAY BLVD LLC

ACTION NO 37 LLC

ACTION NO 53 LLC

BERGEN STREET MANAGING PARTNERS LLC

BK 146 LLC

BK 950 LLC

BK AUTUMN 701 LLC

BK BEVERLEY LLC

BK DEVOE LLC

BK DEVOE STREET LLC

BK MACON LLC

BK ROSEDALE LLC

BK SARATOGA LLC

BK SHEFFIELD LLC

BLACKROCK EQUITY GROUP LLC

BLACKROCK REAL ESTATE GROUP LLC

BLACKSTONE REAL ESTATE GROUP LLC

BROOKLYN GATES LLC

BX 1076 LLC

BX 1331 LLC

BX MULINER LLC

BX ROSEDALE LLC

EAST NEW YORK RLTY LLC

GILLESPIE AVENUE DEVELOPMENT LLC

GREEN BAMBA LLC

JACKIE 42 LLC

KINGS COUNTY FOUNDATION LLC

MACDONOUGH STREET DEVELOPMENT LLC

MANHATTAN FOUNDATION LLC

MN W 152 LLC

NEW YORK ASSET RECOVERY FOUNDATION LLC

NEW YORK ASSET RECOVERY GROUP LLC

NORTH BRONX VENTURES LLC

NORTH BUSHWICK VENTURES LLC

NORTH QUEENS VENTURES LLC

ONE EIGHTEEN 204 HOLDINGS LLC

ONE THREE SEVEN 24 HOLDINGS LLC

ONE TWENTY TWO HOLDINGS LLC

ONE ZERO FIVE 39 HOLDINGS LLC

QN 147 VENTURES LLC

QN 204 LLC

QN 48 LLC

QN NAMEOKE LLC

QN ST ALBANS HOLDINGS LLC

SOUTH BRONX VENTURES LLC

SOUTH JAMAICA HOLDINGS LLC

SOUTH JAMAICA HOLDINGS 2 LLC

STATEN ISLAND VENTURES LLC

THE BROOKLYN FOUNDATION LLC

THE EASTERN AND ATLANTIC FOUNDATION LLC

THE QUEENS FOUNDATION LLC

THE QUEENS FOUNDATION MMXX LLC