NEW YORK CITY, NY, UNITED STATES, May 12, 2026 /EINPresswire.com/ — Real estate developer James McManus is prominently featured in the latest issue of Crain’s New York Business in a detailed report by veteran journalist Aaron Elstein, highlighting McManus’ background, development ambitions, and ongoing legal dispute with Fairbridge Asset Management.
The article, titled Former Lucchese Mobster Says Lender Acted Like Mob, explores McManus’ journey from contractor to developer, including his efforts to build affordable housing in the Bronx, NY. It also provides an in-depth account of a contentious financing arrangement tied to a residential development project and the subsequent foreclosure proceedings that are now the subject of litigation.
According to the article, McManus acquired a property in the Bronx with plans to construct a multi-unit affordable housing development. Financing the project was secured through Fairbridge Asset Management, a private credit firm operating in a rapidly expanding segment of the financial industry that serves borrowers often overlooked by traditional banks.
The Crains’ article also examines growing instability within the private credit sector. As noted in the feature, the industry has faced increasing pressure over the past year following several high-profile defaults that prompted investors to pull capital from private credit funds. Jamie Dimon, CEO of JPMorgan Chase, warned in October of “cockroaches” emerging within private credit markets, signaling concerns about additional problems ahead for the sector.
Beyond the legal dispute, the article provides broader context on the evolving private credit market, now a multi-trillion-dollar sector, and the risks and opportunities it presents for developers seeking alternative financing sources.
McManus’ personal story is also central to the piece. Raised in the Bronx, NY he overcame a troubled past that included involvement with the Lucchese Crime Family and a prison sentence in the 1990s, later rebuilding his life and career in construction and real estate development.
Reflecting on the article, McManus praised the reporting and depth of coverage:
“Aaron is an amazing writer and did such a great job on this article. He really captured the full story, both my past and what I’ve been fighting for with this project.”
The full article is available in the current issue of Crain’s New York Business and online at https://www.crainsnewyork.com/real-estate/commercial/cny-former-lucchese-mobster-says-lender-acted-like-mob-20260505/
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