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Page Six Magazine explains. Kind of.
Two years ago, when the country's financial health was superficially strong, the Mets-Citigroup naming rights deal -- a record-cracking $20 million for 20 years to call the new ballpark Citi Field -- wasn't just gaudy, it was downright obscene.
Now, with Citi laying off thousands while reaching for billions in government bailout money, and with Citi's clients having taken a brutal beating, the declaration by the two parties that the ballpark naming deal will proceed as agreed upon is nauseating.
Two years ago, the $400 million deal to call the Mets' new stadium Citi Field was nothing better than an irresponsible vanity buy, one rooted less in advertising than in mad money beyond Madison Ave.
Today, that the deal will be sustained is no different than a welfare mother spending her family's subsistence money on booze, bracelets and the down payment on a brand new BMW.
We are pleased to announce our fourth annual Urban Folk Arts & Craft Fair these next three Saturdays, 6th, 13th and 20th December, from 3 until 7:30, in our heated back-patio. "Drink good stuff" while doing some relaxed holiday gift shopping from local artists & crafters - beating the high street mania - shopping for eco-friendly, hand-crafted, fair-priced, original, one-of-a-kind holiday gifts. Buy a beer from one of the 18 draughts, including two hand-pulled ales, or choose from one of the 360 bottled beers, fine wines, or whiskeys, from Gina the lovely bartender, then come on back into the warm and welcoming patio. BYO bags for extra green points! And small bills are always welcome.
I live in one of these buildings, and Westbrook has been hell, to say the least (Extell pretty much left us rent stabilized people alone, at least in my building). Now, I am not looking forward to another flip, but here's the thing:
1. The 17 buildings can now be purchased separately, which may mean improved landlord-tenant relations in some cases, instead of the current collective of tenants dealing only with the shadowy PVE Associates and the repulsive Josh.
2. In some buildings, up to 40% of the rent-regulated tenants have already been forced out, meaning the ones who remain are: in possession of solid leases; good tenants who pay rent on time and do not sublet illegally, etc.; and have been through this fight for the past several years and know their rights.
Adding to this, I assume new landlords will want to avoid the terrible recent press Westbrook has received.
Finally "renting for as low as 20% of market" is deceiving. The individual listings linked to at Curbed show that there are far more stabilized units left than controlled ones. I am stabilized and my rent is only about 10% below market. In NYC's uncertain future, it may be better to have rent-stabilized people adding to the rent rolls than vacant apartments contributing zero.
Or I am being a completely naive optimist, and more unforeseeable hell awaits.
Brokerage giant Massey Knakal has announced, in an e-mailed press release and on its blog, that the firm has been retained to arrange the sale of 17 walk-up apartment buildings in the East Village. But not just any 17! The mix of buildings—sprinkled throughout the 'hood in many shapes and sizes and with widely varying numbers of rent-stabilized apartments per building—make up the "East Village Portfolio," purchased by megadeveloper Extell for $72 million in 2006 before the company spun if off to former cohort Westbrook Partners for $97.5 million in the summer of '07
According to Massey Knakal, "The rent regulated units are renting for as low as 20% of market creating a tremendous opportunity to increase revenue in the future. All of the free market units have been recently renovated featuring new hardwood floors, stainless steel appliances and granite countertops."
It wasn't open when I went by, but all the paper was down and everything looked ready for business. The signs inside say it's an organic, gourmet, dairy-free ice cream place. It looks like every other boring fro-yo joint, with space-age white stools and blonde wood. Very swedish -- like Ikea.