Last month, in a $29 million deal, RYCO acquired 127-129 Second Ave. and 36 St. Mark's Place.
The six buildings in this latest transaction are all on Second Avenue between Ninth Street and 10th Street:
• 141-143 Second Ave.
• 145 Second Ave.
• 149 Second Ave.
• 151-153 Second Ave.
• 156-158 Second Ave.
• 157 Second Ave.
The sale closed late last month and was made public in an Instagram post this past Thursday. PincusCo Media reported on this on July 17.
Per Pincus: "The six-building portfolio contains approximately 112 residential units in 119,046 square feet of built space ... Most of the units are free market, according to a person with knowledge of the deal. The buildings also have 13 commercial units."
The businesses include Citizens Bank, Downtown Social, The Cooper Still, 16 Handles and Chase Bank. (The Long Pour is at 155 Second Ave., which was not part of the sale.)
According to public records, Jonis Realty/Citi Urban Management's EV footprint is shrinking to just five buildings.
A group of residents who live in properties owned/run by Citi Urban Management formed the Citi Residents Alliance, which has a website with a violations database.
PincusCo reported that RYCO Capital has been one of the few active multifamily buyers over the last year.
Best of luck to all the tenants affected by this. Very happy that you started such a obviously excellent tenants association and website. The thousands of violations listed are frightening. Shows you the power of the Real Estate Board of NY and their lobbyists that landlords continue to operate like this without repercussions.
ReplyDeleteI wonder how many apartments are vacant?
ReplyDeleteSo is the plan for the owner to get rid of the existing tenants and tear down the buildings to make way for new luxury high rises?
Borough President Mark Levine and other elected officials keep messaging about the need for more development for housing - but do zero to protect tenants and existing housing.
Isn't Citizens B between St. Marks and 9th, corner of 9th?
ReplyDeleteCitizen B is on the SW corner of 9th at 2nd Avenue... the post states "The six buildings in this latest transaction are all on Second Avenue between Ninth Street and 10th Street."
ReplyDeleteBeing on the SW corner of 9th seems to be in that range.
I’m always interested to know who the holdout addresses are. Different wonders? Want more money than offered?
ReplyDeleteIs it illegal to keep a rent-stabilized apartment off the market? If so, who can we report this to? Thanks to anyone who can answer.
ReplyDeleteI think it's legal. There are thousands of rent stabilized apts in NYC that are empty bc the landlords need to make repairs before they can be rented, and the new rent laws deter landlords from dumping $ into a unit that they can't recoup their investment on
DeleteThis makes me very nervous. Weren’t these the same people who are responsible for Lucy’s shutting down?
ReplyDeleteAnd the previous owners are the ones responsible for the closure of Gem Spa. If these companies dont have any intention of respecting our neighborhood then I dont know why they are shocked when people dont want them here. These two companies alone have removed two East Village institutions. Makes me more than nervous.
ReplyDeleteCorporate Landlords are absolutely destroying the ability to affordibly rent in NYC.
ReplyDelete