Revisiting 305 E. 11th St. and 310 E. 12th St.

Photos by Choresh Wald

News arrived in August 2022 that Meadow Partners was the new owner of 305 E. 11th St. and 310 E. 12th St., adjacent multifamily residential buildings connected by a garden between First Avenue and Second Avenue. 

That same August, art critic and longtime building resident Charlie Finch jumped to his death.

As Curbed reported in May:

Just five days before Finch jumped out of his window, he'd learned the building had been sold to a private-equity firm for $58 million. Finch, a rent-stabilized tenant of the same apartment for 45 years, was despondent and feared that he would soon be out of a home. 

And...

Nine months later, some of Finch's biggest fears have come to pass. Dozens of market-rate tenants received notices from the new landlord ... stating that they must leave their apartments... Others have been offered lease renewals with rent increases in the thousands.

The buildings were also the site of a rally for tenant rights back in May. 

We have heard very little since then... and missed the news that the building was rebranded as Flora ... 

After a gut renovation and luxurification, a three-bedroom unit via Streeteasy now asks $8,995 (in 2013, the then-two-bedroom home was $4,400). Updated: A reader points out the prices on the Flora website, where three bedrooms are asking $9,750 and $10,100.

Filings at the Department of Buildings also show pending plans for a "vertical enlargement" (aka a sixth floor). 

Flora joins another large East Village residential property now owned by a private-equity firm, the recently christened Untitled at 58-72 Avenue A. You can read what's happening there at this link. 

The deal for the 89-unit buildings at 305 E. 11th St. and 310 E. 12th St., owned by the Chissick family since the late 1960s, was $58 million. 

These East Village tenants, fearing displacement, to rally against their new landlord

Late last summer, news surfaced about the sale of 305 E. 11th St. and 310 E. 12th St. (above), adjacent multifamily residential buildings between First Avenue and Second Avenue. 

The deal for the 89-unit buildings, owned by the Chissick family since the late 1960s, was for $58 million. 

Since then, we've heard from residents about significant rent increases, evictions, and alleged apartment warehousing at the buildings. 

As a result, residents here have advanced their efforts in recent months by forming the GoldinFinch Tenant Association. They are hosting a rally tomorrow afternoon (March 26) with the help of the Cooper Square Committee. (NYC Comptroller Brad Lander is also expected to be in attendance.)

Per a media advisory: 

Tenants, advocates and elected officials will protest the actions of private equity firm Meadow Partners, which purchased two multifamily buildings in the East Village. Shortly after the purchase, Meadow Partners and their operating partner 60 Guilders/620 MGMT began aggressively displacing long-term tenants and hiking up rents. 

The rally will call for Albany to enact "Good Cause" legislation to prevent arbitrary evictions and unconscionable rent hikes, as well as city-level legislation to curb the apartment "warehousing" and "frankensteining" that Meadow and other landlords are practicing.

 Many tenants have lived in the neighborhood for decades and have strong ties to the community. The tenant association ("GoldinFinch Tenant Association") is named after housing advocate Frances Goldin [a longtime resident here] and art critic Charles Finch. Those residents, as well as other notable tenants who lived in the building, will also be honored at the rally. 

Finch jumped to his death from his apartment on the 12th Street side last Aug. 24. He was 69. As The New York Times reported: 

Debby Lee Cohen, a neighbor who said she had known Mr. Finch for 40 years, said that besides his health, he might have been anxious about the future of the building, which had just been sold. He was a longtime resident who had a rent-controlled apartment. 

The rally starts tomorrow outside 310 E. 12th St. at 1 p.m.

The tenant association also shared this building fact sheet (click on the image for a bigger view)...
 

Tenant concern as longtime family-owned residential buildings sell for $58 million

News arrived last week that Meadow Partners is the new owner of 305 E. 11th St. and 310 E. 12th St. (above), adjacent multifamily residential buildings between First Avenue and Second Avenue. 

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.