Ivy Woolf-turk, 52, of Port Washington, working through a Manhattan real estate development company — The Kingsland Group, Inc., and related entities –fraudulently induced approximately 70 individuals to lend the Kingsland Group over $27 million, purportedly to fund the renovation of approximately 16 multi-family apartment buildings located in upper Manhattan.
Woolf-Turk and a co-conspirator, Michael Hershkowitz, falsely represented that the lenders would hold, as collateral for the loans, interests in bona fide first mortgages in the various properties in which they thought they were investing. In fact, the lenders did not hold recorded, first mortgages in the properties. Interest was paid on the loans for some years after they were first made, but ultimately the principal on the loans was not repaid when due and it was determined that the lenders did not have valid first mortgages on the properties in question.
New York City 2010
