But watchdogs are taking interest in his work. The Consumer Fraud Bureau of the state Attorney General's office says it is reviewing complaints. Investigators from the state Banking Department have also been reviewing the transactions, ever since Bank of America referred the case in 2001.
City Limits Magazine
Paradelo claims that he makes essential repairs--and adds that over 80 percent of his tenants are delinquent in their rent payments. (Echevarria estimates the rate of delinquent tenants at more like 40 percent.) Without a steady rent roll, Paradelo says, it wouldn't be fair to have to invest in significant improvements. "I understand that neighborhood--I come from that kind of neighborhood," Paradelo says. "These tenants want their services, but they don't want to give you a dime. They're so used to getting something for nothing. They figure, hey, it's better to live like this then to pay Joe for anything better. It's this cycle of poverty...not wanting to get out of it."
In fact, Paradelo claims, he is one of the only property owners preserving "real" affordable housing. If he were like other landlords, he says, he'd be jumping on the wave of gentrification that has swept Brooklyn, and looking to push his poor tenants out.
But Paradelo says he's had enough of Bushwick and the real estate game. He plans to retire to Florida and breed horses. Unlike tenants, he jokes, his horses "don't talk back."
When presented with fishy-looking mortgage applications and affidavits claiming foul play at dozens of closings, he insists he's never done, nor orchestrated, anything criminal. "I live my life by a few rules and one of those rules is to always play by the rules," he says. "I know what's right is right, what's wrong is wrong. You can try and hide it. You can try and cover it. The truth always comes out sometime."
