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Yes, it's rent stabilized. The owners (Met Life for a long time, then the people they sold it to, and the people who bought it out of bankruptsy, etc.) had been trying to aggressively decontrol units. There was a big lawsuit challenging this, which the tenants won. It was appealed, there was some kind of settlement, which allowed rents to be raised somewhat. In general, it's a big mess.
PC and ST have not been "sold" again, yet. Rather the majority bond holder that purchased the debt when the previous deal went belly up is consolidating their position. In the most simple explanation they are finishing off the foreclosure so they have full control of the properties.
Being as this may yes, all signs from the RS market and elsewhere point to ST and PC being put up for sale in the possibly near future. While there remains a still sizable number of RS apartments many are market rates and as time goes on the number of RS tenants will dwindle. It may take ten, twenty or more years, but we all go down into the dust eventually.
How or if the City and or federal government will get involved is anyone's guess. However no one expects a sale of PC & ST to go about unchallenged. Current RS and other tenants along with local elected officials have been trying to put together some sort of package where the places would be purchased under an owner occupied co-ops scheme. That faces many hurdles including where they would get the funding.
I said it often in many posts as a real estate agent i keep people away from that building, even when they pay us the fees. Also for those who say go to the leasing office directly well now Citihabitats has become the exclusive broker for properties there and will continue to grow quarterly.
Just did some online research and things are moving along to the point ST/PC residents are becoming very worried.
On June 13th the current bond holder (CW Capital) is going to hold a "foreclosure" sale on the outstanding debt worth about 300 million. That would give them at least for the meantime total ownership of ST/PCV for a very good price.
However another real estate group (Fortress) likely to show up at the sale and offer 4.4 billion for the property. Also scheming is a tenants/elected officials group looking to gain the property as owner occupied co-ops. They however do not have clear or solid financial plan and thus far have only stated CWCapital "would be made whole".
Long story short fasten your seat belts, it is going to be a bumpy ride. *LOL*
Again much is going to depend on how deeply involved City, state and or even the federal government get with any pending sale. There is sure to be plenty of legal action to keep scores of attorneys in bespoke shirts for years to come.
I sympathize with the horrors the tenants have had to go through since Met-Life bailed out 8 years ago. One bloodthirsty owner after another intent on destroying the rent-stabilized status of the buildings, one court battle after another. The expenses must have been mind-boggling.
A couple years ago I rode the train to Trenton with a tenant who said that nobody knows from one month to the next whether they will have a home.
I sympathize with the horrors the tenants have had to go through since Met-Life bailed out 8 years ago. One bloodthirsty owner after another intent on destroying the rent-stabilized status of the buildings, one court battle after another. The expenses must have been mind-boggling.
A couple years ago I rode the train to Trenton with a tenant who said that nobody knows from one month to the next whether they will have a home.
For now the RS tenants are safe, well long as they pay their rent and abide by the terms of their leases. However in general the overall push is towards market rate housing if not sooner then later will do.
Used to know some people living there. Huge 2B/3B apartments for under 1k a month with summer homes in the hamptons. Just disgust me everytime i visit.
Glad this is finally happening and kick those RS cheaters out.
As long as rent stabilization is in place, there's not too much that whoever owns the complex can do to them (unfortunately.)
Quote:
Originally Posted by BugsyPal
For now the RS tenants are safe, well long as they pay their rent and abide by the terms of their leases. However in general the overall push is towards market rate housing if not sooner then later will do.
As long as rent stabilization is in place, there's not too much that whoever owns the complex can do to them (unfortunately.)
Oh I don't know about that.
A LL of a RS apartment can keep tenants on a short leash to see to it they remain correct. Rent check late? Send a three day notice. Renting or subletting your apartment? Ditto. Want access use to any new amenities or services? Sorry they are not in your original lease. And so it goes....
That being said know plenty of persons living in RS apartments that are crumbling down around them; they just suck things up, pay their rent and not want what they haven't got. In exchange they continue to live in some of the nicest areas of NYC (UES, West or East Village, UWS, Riverside Drive, etc..) for below to way below market rent.
Can think of worse ways to end one's days.
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