The 62-unit, rent-regulated building at the southeast corner of Second Street recently changed hands for the first time in three decades, The Real Deal reported.
Said broker Joseph Koicim:
“Given the fact the building was fully-rent regulated, many prospective purchasers had a rough time wrapping their arms around this asset, but we were able to procure a buyer who paid within ten percent of our asking price and plans to hold this long-term.”
The buyer was identified only as a Manhattan-based investor, per The Real Deal.
One building resident said that the new management company has been pretty responsive so far. And there's new laundry room coming soon.
"We will see how the honeymoon period goes," the resident said.
Meanwhile, we wonder if the new landlord plans to hold the Tats Cru wall long-term as well…
As far as we can remember, this wall has seen at least two marriage proposals. Here and here.
So purchasers "had a hard time wrapping their arms around" this building because of the many rent-regulated tenants, did they, poor little ratbags? What happened to those tenants? I doubt any of them got the $17 million buyout that guy up in the former Mayflower did...and good for him! But really: are these tenants still there? Did they get kicked to the curb? Or what?
ReplyDeleteI rented an apartment in this building back in the 1990s. I was a little naive, and I went to the management office out in Brooklyn and paid a cash fee equal to one month's rent. I didn't get this back of course when I moved out a year later. I wish I had known better!
ReplyDeleteI've been in the building for over 20 years... and I'm still there.
ReplyDeleteI wouldn't be surprised if the new owner offers us money to move out, but so far things are pretty much the same.