‘Bernie Madoff of landlords’ gets one year in jail

Steve Croman

By Kyle Campbell

One of the cityʼs most notorious landlords has been jailed for a year in a rare move by State Attorney General Eric Schneiderman to sound a warning bell to unscrupulous New York building owners.

Steven Croman, who has been dubbed “The Bernie Madoff of Landlords,” was sentenced to one year at Rikers Island on Tuesday after pleading guilty to grand larceny and tax fraud.

Croman was also fined $5 million in a plea deal that saw him admit to third-degree grand larceny, first-degree falsifying business records and fourth-degree criminal tax fraud.

Between 2012 and 2014, Croman acquired $45 million in refinancing loans by submitting applications with phony rent rolls that showed market rate rents for units held by rent-stabilized tenants. He also inflated commercial rent payments to pad his on-paper profits and obtain larger loans, according to Schneiderman.

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