Debts, bills and lawsuits pile up for Irving Langer

"Langer and his company, Brooklyn-based E&M Associates, at one point owned more than 4,500 apartments in New York. But in recent years he's struggled with his properties' finances and complaints from tenants. And he owns many of his investments through syndications and partnerships that have come under stress."

"Langer's attorney, David Shlansky, said the landlord's business had been impacted by the 2019 rent law changes and rising interest rates, and then one lawsuit piled on another. Each one of these is different, all sort of a little bit of a pile-up that has some common causes in the market being upside down."

"Aaron Harrow, an Israel-based lender, provided Langer a $1.5 million loan in 2019 to purchase a group of office properties in Mount Arlington, New Jersey. Harrow said Langer failed to repay the loan when it matured and sued in July 2024 to collect on the money due, which was growing ever larger with a 24 percent default rate."

Irving Langer, a significant New York apartment landlord who once owned over 4,500 apartments through his company E&M Associates, is confronting substantial financial and legal challenges. Multiple lawsuits totaling more than $30 million have been filed against him by disgruntled partners, lenders, and creditors. Langer's difficulties stem from property finance problems, tenant complaints, and stressed partnerships and syndications. His attorney attributes the struggles to the 2019 rent law changes and rising interest rates. Recent litigation includes a $2.8 million judgment awarded to lender Aaron Harrow for a defaulted $1.5 million loan from 2019 with a 24 percent default rate. Disputes exist regarding loan proceeds and business partner Ariel Fein's involvement in various ventures, including nursing homes in Arizona.

Read at therealdeal.com