Inside the Real Estate Deals of Raizada Vaid, Mayank Dwivedi

UPDATED, December 24, 2024, 8:86 A.M.: You don’t have to be a household name in the real estate industry to make connections at City Hall — and exploit them.

The indictment unsealed last week alleges that real estate investors Raizada Vaid and Mayank Dwivedi did just that. The two are accused of bribing Ingrid Lewis-Martin, the mayor’s former top adviser, and her son, Glenn Martin II, for help with delayed construction.

Lewis-Martin allegedly used her position as one of the most powerful people at City Hall to advocate for Vaid and Dwivedi’s projects, repeatedly calling on the Department of Buildings to resolve whatever issues were holding up their hotel projects.

As these conversations took place, Vaid and Dwivedi provided more than $100,000 to Lewis-Martin and her son. The two allegedly provided support for Martin’s fashion line and DJ business and for him to open a Chick-fil-A and buy a Porsche.

“Even without the bribe payments, the jumping to the front of the line is naked cronyism that in and of itself is anathema to public service,” Manhattan District Attorney Alvin Bragg said at a press conference last week.

Before the bribery and conspiracy charges against them, Vaid and Dwivedi had fairly low profiles in New York City real estate. Over the years, Vaid has partnered with members of the Chetrit and Aini families on retail and hotel properties, while Dwivedi has recently invested in boutique hotels in the Hamptons.

Here’s a look at some of Vaid and Dwivedi’s investments in New York.

Raizada “Pinky” Vaid

Vaid launched Fantasia World, a costume jewelry wholesaler, in 1998. State records indicate that he formed Pinky Realty in 2004, when he began adding retail stores to his jewelry business, according to a 2019 filing detailing the refinancing of an office building at 1412 Broadway.

Vaid was part of a partnership with Isaac Chetrit and Jacob Aini that purchased 1412 Broadway in 2014 for $250 million. They refinanced the Garment District property with a $210 million loan from Morgan Stanley in 2019. At the same time, that partnership also bought 1420 Broadway next door for $18 million, planning to convert the retail property into a skinny hotel.

Aini also provided a $2.3 million mortgage for a retail building at 876 Sixth Avenue, which Vaid purchased in 2004. Vaid filed plans for a 15-story hotel on the property, but that vision did not materialize.

The indictment describes text messages related to the building. Vaid sent a Department of Transportation application related to the property to Martin, and his mother, Lewis-Martin, then asked the acting buildings commissioner to look into the “stuck” application, according to the indictment.

Vaid and Aini are also part of the ownership group at the Refinery Hotel at 63 West 38th Street. In 2021, the owners sold air rights to Weihong Hu’s Mayflower Group for $11 million to use for the Xadia Hotel at 58 West 39th Street, property records show.

Hu’s relationship with the Adams administration has also faced scrutiny. Hu bundled tens of thousands of dollars in donations for the mayor’s campaign and later received lucrative contracts with the city, according to an investigation by The City, the Guardian US and Documented.

Aini also provided loans on two other Vaid properties mentioned in the indictment, 1204-1210 Broadway and 28 West 30th Street. Property records indicate Aini issued a $1.2 million mortgage covering both properties in 2007, when Vaid bought the property for $14 million. He purchased the West 30th Street building in 2004 for nearly $3 million.

A representative for Aini, Charles Aini, indicated that Jacob Aini does not have an ownership stake in the Broadway or West 30th Street properties and that the loans have been paid off.

According to the indictment, Vaid had asked Martin if he could turn the office and retail property on 30th Street into short-term rentals. Martin allegedly posed the question to a member of the City Planning Commission on Vaid’s behalf.

At 1204 Broadway, Vaid asked Lewis-Martin to intervene at the Department of Buildings to get approvals for alterations to the rooftop bar, known as the Glass Ceiling, according to the indictment. The agency approved the work the same day that Lewis-Martin contacted its acting commissioner, Kazimir Vilenchik.

The rooftop lounge was launched in partnership with Luminary, a members-only club providing career support for women.

Vaid also owns 1212 and 1214-1216 Broadway, and refinanced the trio of buildings with a $58 million loan in 2016.

In a statement, attorneys for Vaid called him a “self-made man who came to this country many years ago with almost nothing and achieved success, in the fashion industry and in real estate development, through hard work and great integrity.”

“He has entered a plea of not guilty and intends to fight the charges vigorously,” the attorneys said.

Mayank Dwivedi

While much of the indictment describes text messages and phone calls between Vaid, Lewis-Martin, and her son, Dwivedi’s alleged participation in the scheme appears to be more behind the scenes.

According to the indictment, he told Vaid that Lewis-Martin’s help was needed when the Buildings Department rejected an application for renovations at the Hotel on Rivington.

“Ingrid Madam is needed,” he allegedly texted Vaid on Nov. 16, 2022.

Vaid and Dwivedi’s role at the 109-key hotel on the Lower East Side is not clear from property records, which list Paul Stallings as the owner. However, Vaid’s name appears on applications filed with Buildings for renovation work as part of the ownership team, and Dwivedi is listed as an agent of the building’s ownership in the city housing agency’s records.

Dwivedi ramped up his investments in boutique hotels after a career in finance.

Last year, Dwivedi partnered with Irwin Simon, CEO of pharmaceutical and cannabis company Tilray Brands, to buy the Maidstone Hotel in East Hampton for $17 million.

The Maidstone’s website refers to Dwivedi and Simon’s partnership as ISMD and notes that Dwivedi previously worked at Morgan Stanley. State records show he also formed his own firm, Yankee Hotel Management, this year.

In July, he entered into a joint venture with the owners of the Capri Southampton to manage the property, with an eye on turning the boutique hotel into a five-star resort, according to Behind the Hedges.

The owners of the Hotel on Rivington appear to have had similar hopes: The renovation was expected to reposition the property as a five-star hotel, with a redesign of the hotel’s restaurant, rooftop, nightclub and guestrooms, according to Fitch Ratings. In June, the ratings agency noted that the hotel was underperforming and faced an “increased probability of default,” Crain’s reported at the time.

Stallings did not return a message seeking comment about the hotel and Dwivedi’s role.

An attorney for Dwivedi said in a statement that her client “did nothing wrong. We look forward to setting the record straight.”

Correction: An earlier version of this story indicated that Jacob Aini was an investor at 1204-1210 Broadway and 28 West 30th Street. The story was updated to reflect a response from a representative for Aini, who said Aini does not have an ownership stake in the properties. Aini provided small loans on the properties, according to property records.