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Phony real estate broker admits scamming NYC renters out of $100,000
By
Catalina Gonella
Published Jul 15, 2026
Modified Oct 7, 2026
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Grace Cary / Getty Images
By
Catalina Gonella
Published Jul 15, 2026
Modified Oct 7, 2026
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A man prosecutors describe as a phony real estate broker admitted this month to stealing more than $100,000 from nearly two dozen New Yorkers seeking rentals.
Juan Valoy pleaded guilty in two cases this month — one in the Bronx July 2, and then another in Manhattan this week. The boroughs’ district attorney’s offices say he stole around $25,000 from three victims in Manhattan, and $80,000 from 18 victims in the Bronx by showing apartments he didn’t own or have any rights to, and then fraudulently taking application fees, security deposits and first months’ rents.
Prosecutors say most of his victims were Hispanic and primarily Spanish-speaking. In one case, the Manhattan DA’s office said, a woman had moved out of her previous home and tried to move into a Bronx apartment Valoy showed her with a young child — to find it was already occupied by someone else.
In Manhattan, Valoy pleaded guilty to one count of grand larceny, under a plea deal that calls for him to be sentenced to 2 to 4 years in state prison on Sept. 9, DA Alvin Bragg said. In the Bronx case, Valoy pleaded to attempted burglary and scheme to defraud, and was expected to be sentenced to four years in prison followed by five years of supervised release, an assistant district attorney in that borough’s office said.
“New Yorkers trusted Juan Valoy to rent them apartments. He broke that trust by pocketing their money, leaving them without homes,” Bragg said in a statement. “Juan Valoy is facing time in state prison for his harmful conduct. Manhattan is facing a housing crisis, and we will prosecute those who exploit it for their own advantage.”
According to the Manhattan and Bronx DAs, Valoy would show desperate prospective renters renovated apartments that he had no permission to rent, and take anywhere from $2,500 to $7,000 from each victim, telling them the money would ensure the space was held for them because there were many interested parties. He would then stop returning their calls, or refuse to refund them, both DAs said.
In a pair of voluntary disclosure forms Bronx prosecutors provided to Gothamist, Valoy said the deposits for apartments were his source of income.
“I used to work as a Realtor. Business went bad, and I had to make some money. I started showing apartments because I know how to be a Realtor,” he said. “I would have people fill out the application and submit them. It's not my fault that the applications were not accepted and I cannot return the money because I spent it.”
According to the Bronx District Attorney’s office, prosecutors there were presenting their case to a grand jury last year when Valoy stopped showing up for trial, and they learned he had started operating in Manhattan. They started working with the Manhattan District Attorney, and were able to locate him where he was hiding in various motels in Yonkers, Bronx officials said. He was arrested and bail was set for $150,000. According to the Bronx DA’s office, Valoy was unable to make bail and is currently in Rikers.
It isn’t the first time Valoy has pleaded guilty to such crimes. More than a decade ago in 2014, Valoy was sentenced to up to 4 years in state prison for stealing thousands of dollars in an apartment scam in Washington Heights.
Real estate experts advise renters to be cautious in New York City's cutthroat rental market. Reports to the FBI of real estate related crimes have increased roughly 80% over the last decade.
Last month, a Gothamist investigation uncovered a pattern of allegations of stolen deposits against a different man named David Michael, and his company, The Pyramid Group. Michael has not been charged with any wrongdoing. In a statement he said any claims that he stole money "or otherwise engaged in criminal conduct" are false.
An attorney for Valoy has not yet returned a message seeking comment.
Correction: This story has been updated to correctly describe the status of Juan Valoy's court case at the time of publication. This story has been additionally been updated with more information.
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Catalina Gonella
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