A growing dispute between family members in Yonkers and New Rochelle is threatening to undermine their expansive real estate business.
According to a lawsuit filed in Westchester Supreme Court on August 21st, Angelo Marchetti sued Anna, Tania and Rebecca Marchetti. While the nature of their relationship is unclear at this time, the lawsuit alleges that the three women conspired against Marchetti to undermine his share of the family business.
The family feud between the Marchettis began in January 2021, when Angelo and Anna split ownership of their real estate holdings. For his share, Angelo received a Prospect Street apartment building in New Rochelle as well Yonkers apartment buildings on Pelton Street and Linden Street.
For her share, Anna also became owner of a number of Yonkers properties, including apartment buildings on Oak Street, Hawthorne Avenue, and Park Hill Avenue. She also took ownership of J.R. Properties of Yonkers.
Accusations of Mismanagement
According to the complaint, Anna and Angelo agreed that management for all seven buildings would by handled by MG Target Realty Inc., a commercial real estate management business operated by Tania and Anna. As outlined in the complaint, the management terms stipulated that all resources, employees, and expenses would be divided evenly between the properties.
As the managing agent, Tania was allegedly responsible for rent collections, payroll, vendor payments, repairs and maintenance, and tenant relations. Angelo contends that he failed to receive his equal share of services despite contributing to his share of expenses.
The complaint states that Angelo’s properties, “descended into a state of disrepair […] and placed the corporate assets on the verge of bankruptcy.”
Allegations of Embezzlement and Fraud
The lawsuit also outlines startling accusations of embezzlement, conversion of assets, conspiracy to commit breach of contract, fraud, and breach of fiduciary duty—charges levied at the Marchetti family and their corporate entities.
Angelo alleges that MG Target Realty resources were reallocated to external investment properties owned by Tania, Rebecca, and her husband, in addition to a private property owned by Anna’s daughters.
In the complaint, Angelo accused Tania of fraudulently receiving $250,000 in management fees for work that was allegedly never performed, as well as embezzling $250,000 in rental income. As recompense, Angelo is suing for alleged damages in the range of $120,000 to $500,000.
Tania, Rebecca, and Anna Marchetti have yet to comment on Angelo’s allegations.