The deal features 325 E. 10th St. ... as well as 329, 331, 333 and 335 E. 9th St.
The recently renovated 325 E. 10th St. was previously part of the Hotel Toshi empire, the short-term apartment rental network in New York City. Last fall, the city OK'd additions to 329-335 E. 9th St.
As previously reported, Kushner bought 17 buildings with 267 apartments and 23 stores for $128 million. Plus! He is also in contract for a $49 million, six-building package from Magnum Real Estate/Meadow Partners.
Previously on EV Grieve:
Report: Jared Kushner paid $49 million for 7 more Ben Shaoul-owned properties in the East Village
Rumors: Is Ben Shaoul selling his East Village properties?
More about Jared Kushner's East Village buying spree
Hotel Toshi takes over 325 E. 10th St.
When Hotel Toshi took over an East Village building
I left the east village because I saw this massive takeover coming from miles away.
ReplyDeleteMy building was sold, and all of the market rate tenants were naturally kicked out for renovations. The prices they are charging now for our old apartment (and of course getting) are completely insane. There is a ton of profit potential in East Village walk-ups, so buying them up and renovating is the hottest trend in real estate.
I was afraid the same thing would happen again if I moved elsewhere in the neighborhood, which is why I left. If you are a market rate tenant who is paying a somewhat ok rate (and by that I mean something like 1800-2500 for an unrenovated 1 bedroom), you should start saving money for moving expenses just in case.
Honestly forming these super tenant associations and what not won't do anything unless you are rent regulated ot rent stabilized. Market rate tenants have 0 legal rights, and no one can do a thing about it.
Bloomberg is revising the City budget based on the fees incurred from all this real estate churn. But he will still give away the parking lots for luxury housing.
ReplyDeleteThanks to all who continue to participate in the HOWL Festival!
ReplyDeleteHOWL 2013 - brought to you by Jared Kushner and Ivank Trump. I wonder which one of them will participate in the annual reading of Howl?
ReplyDeletethis is scarey
ReplyDeleteThis is really scary. I can't believe one investor is allowed to even own this many rental properties in one neighborhood.
ReplyDeleteHonestly forming these super tenant associations and what not won't do anything unless you are rent regulated or rent stabilized.
ReplyDeleteThis is absolutely true. Which is important to remember every time a landlord, management company rep or broker gets on one of these threads to rail against rent regulation.
A tip to the tenants associations. The Roberts Decision determined that it is not legal for apartment buildings in NYC to deregulate rent stabilized apartments in that building if the owner is receiving J-51 tax abatements from the city. You can search for apartment buildings with J-51 benefits in all five boroughs, by tax year here.
Like a balloon which gets to much air the EV real estate gold rush will go pop someday. How much can you charge for a 6 story walk up (renovated) yet still a tenement apartment before renters wise up and go elsewhere? Right now I think we are watching a pissing contest between a few ego driven landlords who are building mansions on the low end part (Baltic Avenue) of the Monopoly board.
ReplyDeleteNo sorry, the plan is to convert the Lower Eastside and the East Village into an upscale neighborhood. The dormitory housing is a tactic to make money and push out the rent stabalized tenants. This could take years. In many of these buildings there are only a handfull of rent stabalized tenants left. The end goal is to convert the buildings into luxury housing, either by gutting them and adding elevators, or by just completely demolishing them and putting up multi million dollar glass houses. Rich people really get off on living next to poor people. The people in the middle are almost all gone. 30 percent left. Don't tell me Kushner is doing this just to manage dormitory housing.
ReplyDeleteI don't agree with some of the assessments about tearing down the buildings as a strategy. These buildings are cash flow cows that provide a steady stream of money to fund new development. If this was all he owned it would be suspicious but they own a wide variety of property types. Diversification makes sense. (I hope I'm right!)
ReplyDelete