A good chunk of the Allentown Waterfront, including the former Neuweiler Brewery and American Atelier Building, is owned by Urban Residential Properties. The American Atelier, by the way, recently went up in flames.
Urban Residential Properties is itself mostly owned (89%) by the Irrevocable Ruth Rachel Green Trust established for the benefit of Alex Wright. Green also owns 10% in an individual capacity, with the remaining 1% owned by Wright.
Palumbo was a Trustee but was removed in March. Maneri was brought in Palumbo, ostensibly to help fund the project.
According to a very lengthy Accounting Action filed by the Trust, both Palumbo and Maneri are accused of diverting at least $21 million from an open-ended mortgage for other projects. This includes over $12.5 million from the Neuweiler Lofts, $4.5 million in transfers to some outfit called Wonder Q and $5.4 million in unauthorized loans to Maneri.
In the meantime, the Neuweiler Lofts project was behind schedule, over budget, with shoddy work and stalled construction.
This action has been brought by Kevin T Fogerty, Esq. It certainly has all the earmarks of fraud.
11 comments:
Are the allentown council people related to the norco and wilson council people.
Good reporting Bernie, thank you
FYI: "The Waterfront" is Mark Jaindl's Development & I'm certain he wouldn't be in the same room with those guys.
I guess now that the American Atelier has been burned and razed, they don’t need those parking concessions from the city, right?
Asked another way, now that Allentown City Council likely bent over backwards for whatever a developer proposed, will they be restoring the original zoning now that the American Atelier building is gone (at least for that property)?
What's the case number?
They are insane to be building that on the Allentown waterfront. It’s a dump! There is no way that makes financial sense. They are in money trouble now and they are all turning on each other.
Do they know Joe Reibman? He is an equally stupid real estate guy
2026-OC-1015
I heard a rumor that the water was turned off at the American Altelier building. So the sprinkler system couldn’t work. Seems odd.
You posted this story Sunday night/Monday morning. Thus, the suit was likely filed Friday, August 7 or earlier. Days later (Tuesday afternoon), looking at local media regarding this story: LV Public Media - nothing found (no postings of any kind seen after Aug 7); WFMZ - nothing found; Morning Call - nothing found. The people paid to tell stories don’t seem to be talking about this. Are you gaslighting, or are others covering the light under a basket, or what?
To my understanding the action was filed and withdrawn the same day. I think it was just a power play from an investor. John p. Has met with the area civic groups and has heard our concerns on many area issues. I would think if there were any merits to the case it would be a criminal investigation.
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