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THE PITTSBURGH TALL STORY

A good deal is hard to find. A bad deal will find you. During the turmoil in the real estate market in 1990, property was at its lowest price in a decade, and real estate investors were looking for a good deal. An office building in downtown Pittsburgh, PA was for sale, at a fair price.

A group of investors heard about this fantastic opportunity from their local Rabbi. The Rabbi informed this group that this office building was once the jewel of Pittsburgh. After years of mismanagement, fluctuations in the real estate market and the loss of some major tenants, the building was up for sale at ten times the rent roll.

The deal was presented to the investor’s group which we will call “Pittsburgh Development Corp.,” to give the building as is and a presentation of the outstanding leases were included in the deal.

The building was solid, structurally sound, with approximately a twenty percent vacancy rate which was standard for that type of building, at that time. The growth potential for the investment was in renovating the existing vacant space and selling it at market value which then in Pittsburgh was about $18.00 per square foot. There were also some small leases that were due to terminate in the near future and would allow the investors to rent larger parcels of office space to more prestigious clients.

The building had two or three national corporations as tenants which was a draw for the renting agent to bring in other good tenants. At the time of the closing, this was all presented to the investors at an average of fifteen to sixteen dollars per square foot. On paper, it showed a gross income of approximately Two Million Four Hundred Thousand Dollars. The only expenses that they could realize was a debt service to the building, maintenance, taxes, electricity and other expenses which indicated a reasonable return on the investment.

The group invested approximately Eight Million Dollars and were able to get a mortgage for Twelve Million Dollars. The deal went through without a hitch and Pittsburgh Development Corp. had itself a sixteen story office building. The partners decided to keep the existing real estate agent and proceeded to send out notices to all the tenants that there was new management. They set up a computer generated billing system which printed bills according to leases in July 1990. In August 1990 they received half the anticipated rent and were perplexed as to why they did not receive the full amount.

The partners contacted the managing agent and tenants individually, and asked them how much rent they were paying. Many of the tenants produced the same lease the partners had, except that their lease had a rider attached to it. The rider stated if the tenant did any leasehold improvements, their rent would be reduced considerably and that they could automatically take that deduction from their rent. In essence, someone paying $15 a foot, was able to put up a sheetrock wall, paint their office, install some carpeting and they were entitled to deduct $6 or $7 per square foot from their rent.

However, the new owners did not know about this, nor were the tenants aware that the new owners did not know. They maintained that they were paying legal rent as per their prior agreement.

It did not take long for the partners to realize that they have been had as they were scurrying around the building, trying to straighten t the rent so they could pay their mortgage, they knew that they had a big problem. They tried to renegotiate leases with the tenants to no avail and when they did re-negotiate their leases with the major tenants they were forced to give major concessions which caused them to default on their mortgage and lose the building.

They started a multimillion dollar lawsuit. During the investigation we discovered that there were many different types of side deals that were made with the tenants. One was sublet agreements which were not disclosed to the new buyers. There were many deals through the managing agent and the tenants that would be considered “sweetheart deals”.

This matter was brought to the district attorney’s office in Pittsburgh. They declined to prosecute claiming that it was a business transaction and that the buyers did not do a proper due diligence. Further investigation indicated that this group headed by a Rabbi and some of his real estate cronies perpetrated the same fraud in Queens, NY, but were caught by the buyers and were forced to make some restitution. However, they did pull a scam on another group of buyers.

STEPS TO PREVENT THIS TYPE OF FRAUD:

  • Visually inspect the premises to determine if there are any leasehold improvements required.
  • Interview tenants and read the leases that are outstanding to see if they conform to the offering.
  • Conduct an in depth background investigation of the sellers to ascertain if they perpetrated any prior fraud.
  • Hire a real estate consultant in the city in which the real estate is for his sale, to learn if this deal is sound.
  • Perform a background search on the tenants themselves to see if they are credit worthy and if they would remain in the building once the deal was finalized.

VINCENT PARCO, private investigator, was formerly a senior investigator with the New York State Office of Professional Discipline and senior investigator in charge of the Office of Professional Medical Conduct. He is a Certified Fraud Examiner and a member of the American Academy of Forensic Examiner.

Investigation services in New York, New Jersey, Florida

Investigation services you can rely on

When you need invetigation services, you probably want the best PI in the business. Vincent Parco is top rated private detective in Florida, Manhattan, New Jersey, New York and New York City and can help solve your case.

The Vincent Parco detective agency provides a range of investigation services including decoy investigations, sting operations, personal investigations, asset searches, real estate investigations, infidelity investigations, child custody cases, accident investigations, insurance fraud and more.

Investigations are conducted to find the real facts and the evidence that supports those facts. Sometimes that means finding out what someone is hiding. It often involves surveillance work and undercover work.

Decoy investigations and undercover work is often done to catch people who are dishonest and deceptive. This could be a cheating spouse, a work traitor, a dishonest tenant, a drug dealer, a corporate spy, a con artist or a fraudster. Catching the bad guy often requires a good guy who is one step ahead of the bad guy.

As a property owners and investor, you might face real estate threats. Landlord tenant issues often require investigation. Maybe you have a tenant involved in illegal sub-letting, or illegal apartment activity such as operating meth-lab or conducting some other illegal activity from an apartment you own. A top-notch investigator can conduct surveillance, tenant background checks, superintendent checks and building sweeps.

Maybe you are a financier and you need to retrieve embezzled funds, A private investigator can assist with locating offshore or diverted accounts. Perhaps you are facing a legal challenge. A PI can assist with the service of legal papers, conducting forensic accounting, document retrieval and obtaining admissible evidence.

Whatever the nature of the investigation services you require, the results oriented team at the Vincent Parco agency is at your service.

 

 

 

Best private investigator in Manhattan, New York, Florida

Best private investigator for your case and sting operation

When you need someone to spy for you, you may well need a PI. Many consider Vincent Parco to be the best private investigator in Florida, Manhattan, New Jersey, New York, New York City and your go to guy when you need to get to the bottom of things.

If you are the target, if you are hiding dirty little secrets, then you don’t want someone like Vincent Parco after you, because you will soon experience the sting. When you want a successful sting operation then you better hire the best private investigator.

A good private detective understands the art and the power of the sting. Some good examples of sting operations include:

  • Decoy Stings
  • AIRBNB Stings
  • Landlord/Tenant/Narcotics Stings
  • Child Custody Stings
  • Cheating Spouses Sting

Sting operations require some real undercover detective work. They can be effective in incrimination and catching dishonest workers, business partners, cheating spouses, drug dealers and other bad people. Undercover work is often dangerous work and mistakes are not an option. When it comes to sting operations and undercover work, you need the best investigative team.

You will expect the best private investigator to have some meaningful accreditations and affiliations such as

  • Certified Fraud Examiner.
  • Certified Forensic Examiner.
  • Expert Testimony in Court.
  • Expert American Arbitration Association.
  • Supervising Senior Medical Conduct Investigator
  • Office of Professional Conduct.
  • Association of Legal Medical Investigative Experts Former President.
  • World Investigators Network Former President

You will expect the best private investigator to have an exceptionally high success rate. That is because a top-notch PI has the experience, the training, the knowledge, the equipment and above all the right team. Often results require team work and when you hire the best private investigator, you are hiring the best team for you case and sting operations.

 

Infidelity investigations in Manhattan, New York City

How professional infidelity investigations can help you?

Are you in need of a company that offers infidelity investigation services, then look no further. We at Vincent Parco can help. The infidelity investigators in our company are highly trained and certified and will help you in the best way possible. They will take it on themselves for acting inconspicuous while keeping an eye on someone. The best part is they will use secret tactics in order to stay anonymous and be rest assured to stay unnoticed. They will perform this within the inches of an individual. People residing in and around Florida, Manhattan, New Jersey, New York and New York City can reap the benefits of our advanced infidelity investigations.

The Vincent Parco Difference

  • First and foremost, we are totally professional. Be rest assured we are not indiscreet and sloppy on the job. Hence, if you doubt your better half is cheating on you and wish to secretly investing them, then undoubtedly a private eye will be an ideal way to go
  • We are insured and licensed and specialize in all forms of civil investigations, including photo and video surveillance
  • Most importantly, when you join hands with us you can enjoy peace of mind learning that all investigations and inquiries will be highly confidential. We undertake our responsibilities seriously in terms of documentation and detail and also being understanding and compassionate

If you want to keep away from any nagging doubt then come join hands with us at Vincent Parco. After all, you deserve to live a happy and peaceful life and not with someone who is cheating on you or lying to you. We will leave no stone unturned in proving or disproving suspicions of infidelity. To know about our services or to book an appointment get in touch with us right away through phone or mail. We look forward to help you in the best way possible.

 

Employment background checks in New York and Florida

Employment Background Checks and its greatest benefits

Employee background screening in today’s age has become a norm in the business environment with almost every business utilizing some form of background screening in their staffing process. Considering its growing demand we at Vincent Parco offer different forms of employment background checks that will help your organization a great deal in identifying candidates having troubling flags and sift through an enormous number of candidates. We will design a program for you that will be specifically tailored keeping in mind the needs of your company. Our service areas include the different parts of Florida, Manhattan, New Jersey, New York and New York City.

The benefits of choosing Vincent Parco

  • Enhanced quality of hire- when you hire our services the foremost thing that you will notice is an enhanced quality of hire when it comes to your staffing efforts.
  • Improved security and safety- it will help in reducing the likelihood of some form of future workplace violence via filtering out candidates who may present a threat within the workplace environment
  • Better regulatory compliance- we will offer a screening solution which will satisfy your industry standards. In its absence your company may risk ongoing legal issues and fines
  • No negligent hiring risks- negligent hiring is quite common that leaves an organization liable directly for their employees’ action. So in order to keep away from immeasurable reputation damage make the most of our services
  • Cut down on employee turnover- screening the background of employees will reduce the amount of unwanted turnover dramatically.
  • Reduced alcohol/drug abuse- our substance abuse screening will help in reducing the harmful effects pertaining to alcohol and drug abuse, including violence, crime, low productivity, embezzlement, attitude problems, employee turnover, tardiness, absenteeism and much more

To know more about our services and packages, please feel free to contact us through phone or mail. For your convenience, we are at your service 24/7.

Detective agency in Manhattan and New York City, New York

What to look for in a detective agency

When you have a case to solve your best bet is often to seek the help of a private investigator. You can find a good investigator at a detective agency. If you want the best investigator, then you need to call on the Vincent Parco detective agency. The Vincent Parco detective agency can help you solve your case in Florida, Manhattan, New Jersey, New York or New York City. However, a good detective agency is not only about the lead instigator but also about his backup team.

They are a team and work together to solve your case. You want a detective agency that is also a good team. The kind of team they have at the Vincent Parco detective agency. There are some other important things as well. These are important things to look for when deciding on a detective agency to handle your case and conduct the appropriate and required investigations. There are the obvious skills such as surveillance, tracking and photographic work. But there are many more. Certifications is one of them.

Certifications are important and when a detective agency has the right accreditations you can be confident you are dealing with people who know how to get the job done. A good investigator will be certified in important areas such as fraud and forensics.

Knowledge of the law and legal ability is another important characteristic of a good investigator. Knowing what type of evidence is admissible and what is not, is critical for cases that will end up in court. The ability to deliver expert testimony in court and to be able to hold your ground under cross-examination can make the difference between a good and a bad outcome.

A detective also needs be a good negotiator. Apart from being tough and capable of dangerous field work, a good detective knows the value of arbitration and negotiation.

Apart from the above skills and abilities, a detective agency is more than just one person. A detective agency is a team with the main investigator in charge.

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Best private detective in New York, New Jersey, Florida

The best private detective knows where to look and won’t stop until done

If you are looking for the best private detective in Florida, Manhattan, New Jersey, New York or New York City, then look no further than Vincent Parco. People have things they hide; they do things they don’t want you to know about or find out about. These are not secrets, rather they are lies, wrongful acts, will fill acts or misrepresentations. A good detective knows how to spot lies, how to uncover deceit and how to expose misrepresentations. A good investigator knows how to find the things people hide.

When someone cheats on you, steals from you, or lies to you, it can cause you great suffering and great loss. When that happens, you may well need the best private detective to bring matters to a head and to a close. When you don’t know the truth, and continue suffering, continue losing, you are on a downward spiral. You don’t have to go down that road. A good private detective can solve your case and bring you closure.

A good detective knows the streets, the dark places, the inner cities. He knows how to find his way around the neighborhood and he knows where to look. A good detective will see ugly things in unexpected places and unexpected things in shady places. But he sees and he looks, and never stops looking until he finds the truth. Even when the hours are long and the people are suspect and the neighborhood is less than inviting, he does not stop looking and searching.

A good investigator understands the art of surveillance, the science of forensics, the importance of technology, the virtue of patience, the mind of the suspect and the power of evidence. The best private detective will have important certifications but more importantly he will have the experience and the street savvy to get the job done.

It does not matter what kind of case you need solving, be it personal, commercial or criminal. What matters is that you can rely in the best detective in New York to get the job done.

 

 

New York City, New York and Florida best detective agency

The different situations where the best detective agency can help

In today’s materialistic world, to believe in another person is not easy. From an employer, business partner to a soul mate it is not wise to trust anyone till you have thoroughly checked their background. Here consulting the best detective agency such as Vincent Parco will prove handy. It will indeed prove in being an effective means to safely live life. We can help you greatly in different situations, thereby providing you the assurance of a well-proven and clean spying service. People residing in and around Florida, Manhattan, New Jersey, New York and New York City can reap the benefits of our services.

Discover the different situations where our detective agency can help you

  • Pre and post-matrimonial inquiry- we specialize in pre and post matrimonial inquiries alike. Marriage no doubt is a very important decision so detecting the background both of the bride and the groom is essential. On the other hand, you have had sleepless nights as you have doubts on your partner. So be it any form of inquiry either before or after marriage our detectives can help you
  • Skip tracing/missing- if the police department has failed in detecting your missing person or assets simply join hands with our investigators. They will solve your issue as fast as possible. With the help of cutting-edge electronic gadgets they can trace the crime quickly
  • Employee verification- To run an organization is not easy. You need to depend on your staffs for your company’s betterment. But it may so happen that your company may not be doing as well as some employees may be cheating on you behind your back. It is here where our detectives can help. They can help in locating the employee that is cheating you as well as conduct background checks on those that you have a doubt on

Along with the aforementioned our detectives can also handle maintenance cases, child custody and divorce. To know more get in touch with us today.

 

Asset investigations in New York, New Jersey and Florida

A glance at asset investigations

Your search for a company that offers the best asset investigations will end with us at Vincent Parco. The icing on the cake is our investigation results will prove beneficial in different fields namely child support obligations, divorce, fraud situations and defaulted debt amid others. Our investigators are certified, skilled, licensed and trained which means you are in safe hands. They are friendly and supportive and will strive their best to help you all through the process. The areas that we serve include the different parts of Florida, Manhattan, New Jersey, New York and New York City.

The real advantages of choosing Vincent Parco

  • Our asset investigators will perform an in-depth search for intellectual property like trademarks and patents, accounts receivable, royalties, retirement funds, employment income, boats, aircraft, automobiles, real estate, safety deposit boxes, business partnerships, bonds, stocks and bank accounts.
  • Along with the debtor, our investigators will also help in examining the assets of family members and spouses for possible transfers along with the corporations that are related with the subject
  • A common method that debtors use for concealing their assets is by transferring their personal and real property in the name of another person, associated companies or family members. For successfully tracing the property and money, our investigators use the right tactics for uncovering the hidden assets, identify the ownership interests camouflaged, often by amends made in the nature and structure of the ownership as well as untangle interest in property and skillfully disguised control-over accurately
  • The key advantages of availing our in-depth asset investigation services include establishing admissible evidence ideal for utilization in later fraudulent transfer actions, earmark non-exempt assets which can be seized for satisfying your judgment post-suit, identify assets both hidden and visible and determine whether or not to file any lawsuit

To know more about our services give us a call or drop us a mail.