Report: Madoff Schemed NYC Developers

NEW YORK CITY-As if things in the market weren’t bad enough it seems as though players in the commercial real estate industry here lost big in Bernard Madoff’s alleged Ponzi scheme that cost investors billions, according to a New York Times report. The article says that top executives at CB Richard Ellis, Newmark Knight Frank and other firms were victims of his dealings.

Some are worried that projects under development will not complete construction as a result of the scheme. Blumenfeld Development, which is building the East River Plaza retail complex in East Harlem, is said to have had close ties to Madoff through owner Edward Blumenfeld, but the firm insists that the project will get completed.