The deal for the 89-unit buildings, owned by the Chissick family since the late 1960s, was $58 million.
Here are some details via the news release:
[T]he elevatored buildings are connected by an 11,000 square foot courtyard. Constructed in 1940, the buildings' studios, and one- and two-bedroom units include distinct architectural features with arched doorways and moldings.Jeffrey Kaplan, managing partner of Meadow Partners, said, "This off-market transaction is a testament to Meadow’s strong relationships with leading owners and developers throughout New York City and the deep experience we bring to investing in the East Village for the past 13 years. We look forward to modernizing and enhancing the value of these properties in one of Manhattan’s most exciting neighborhoods."
According to published reports, about a third of the 89 units are rent-stabilized. Kaplan told Crain's, "the market-rate units are renting below market value, but high rents and demand in the city should mean room for growth."
We've already heard from several residents here. One said, "they are already trying to push people out" with lease non-renewals.
Per another resident:
Hearing rumors of 30-50% rent increases and plans to add a 6th floor — therefore letting all 5th-floor leases lapse. There are many long-term, older people and rent-stabilized/rent-controlled tenants, who are naturally concerned."
With this purchase, Meadow now owns 430 units in the East Village.
room for"Growth".
ReplyDeleteis that what they are calling it these days? "growth"?
more like entropy. sigh.
If there is not already a tenants assoc. in the building, Cooper Sq Committee can help create one.
If the construction proves to be a nightmare nuisance,
Office of the Tenant Advocate at DOB
https://www1.nyc.gov/site/buildings/tenant/ota.page
What can we call the housing the city is going to build for the (many) folks priced out of the housing market, since "Affordable Housing" is housing for folks earning six figures who can already afford housing.?
How about Secure Housing Income Trust ?
RIP Charlie Finch.
ReplyDeletePass a law that the building owner has to live in the building and things would change. Or just keep letting capitalism concentrate more and more wealth into fewer and fewer hands.
ReplyDeleteTheir "welcome" signs are comical. You're not here to help, you're here to pillage. Get lost!
ReplyDelete"Growth" = greed."Growth" of the owner's bank account is all they're after. How about an honest statement like "hey, we got a bargain at $58 million, and we expect to leverage that until we've doubled or tripled our money."
ReplyDeleteWhy is this rapacity, which leads to de-stabilization of previously stable blocks and neighborhoods, allowed to proceed unfettered by any city oversight? It's clear that people are about to get harassed out of this place, which is ILLEGAL.
This large complex is one of the "anchor" buildings that provide homes for regular working people.
Does everything have to be for rich frat bro's who have no values beyond "partying"??
" We look forward to modernizing and enhancing the value of these properties in one of Manhattan’s most exciting neighborhoods." or... Removal of period bathrooms, floor, kitchens which will be replaced with something which won't last another 5 years. Purge the poor as they have zero value as human beings since the new landlord cannot meet estimated growth levels in the next quarterly earnings. Bonus side affects include, sustain the already transient population which is what the EV is already. Defang a sense of community while weeding out non-capitalists from their homes. Seems like the new Mayor and most of the city council could give a shit about the people who elected them.
ReplyDeleteI'm sorry that Fran Goldin, who lived in this complex, passed away in 2020. SHE would have been formidable in dealing with this new owner. Perhaps he (or the current owner) was even waiting for her passing to do this deal, knowing that she would have been a very bold & effective champion of maintaining this housing for the people who ARE ALREADY living there. She would not have been intimidated by these greedy developers.
ReplyDeleteUnfettered Capitalism [a.k.a. as unmitigated greed],
ReplyDeletethe bane of working class societies everywhere.
Any rent-stabilized tenants who are awaiting leases for renewal (and if they are not forthcoming) should immediately file a form with the Dept. of Buildings for non-compliance. It's easy, you can do it electronically, and it remains on record should you end up in housing court. It might help show that the new owners are not following rules set up under the stabilization agreements with the city. Also helps to learn your individual rent history.
ReplyDelete11:55 am is absolutely right. This is terrible news for tenants.
ReplyDeleteRe 'Unfettered Capitalism'
ReplyDeleteLOL, Unfettered Capitalism? You have never heard of NYS Rent Control and NYS Rent Stabilization?
@9:33am: How nice of you, as a landlord, to take the time to comment here!
ReplyDelete
ReplyDelete@11:55. I think you mean HCR. formerly DHCR. That is where rents are registered, and where once can file a complaint if they are not issued a new lease. HCR. as well, If you are not given a new lease on time, the rent stays the same for the next 6 months code:
RSC §2523.5(c)(i)
PS: landlord living in the building don't make it better as I know from experience! @8:02
And OF COURSE they want to add another floor to that place!
ReplyDeleteThere must be lots of legal advantages to them doing that - and the apts. would be all market rate on a new floor, I presume.
It's so perfectly landlord-y to take a beautiful double-building of a beautiful vintage & style like that one, which has a garden in the middle, and then plop another floor on that will likely have no context with the rest of the building, nor with the rest of the neighborhood. (Bonus: the construction noise & mess can help drive out existing tenants.) What a win for the new owners, eh?
But hey, NYC is a landlord's world; they just sometimes (for enough money) allow us to live here if we can eke it out.
Nailed it. Also Charlie Finch was a 5th floor resident (RIP)
DeleteAll I can say🥊
ReplyDeleteAll tenants should contact “GOLES”
If they are having any problems♥️♥️