Most New Yorkers are familiar with New York State Attorney General Andrew Cuomo, but how many people have heard the name Kenneth Demario before? If you’re someone concerned with co-ops, condos or any real estate issues in the city, Demario is someone you need to know.
Demario is the bureau chief in charge of the Investor Protection Bureau in the Real Estate Finance Bureau, known as REFB, whose main function is to protect the public from fraud in real estate offerings, including cooperatives, condominiums, syndications and real estate investment trusts (REITS). The bureau commands a total of 700 attorneys who can be called upon to work on cases involving these housing issues.
According to the Attorney General’s office, “Many complaints received are from tenants in buildings undergoing cooperative or condominium conversion and concern allegations of improper disclosure, tenant harassment and misleading information provided to tenants.”
It’s up to Demario and those on his team to handle the complaints and enforce and mediate any issues that come to light.
History of the REFS
The Bureau began in the early 1970s, when New Yorkers were facing a number of housing issues and Louis J. Lefkowitz, the attorney general at the time, felt it necessary to organize a division in his ranks to help.