Wednesday, February 6, 2008

Vantage takes advantage

Vantage Properties, a three-year-old real estate investment company, has closed on one of the largest residential transactions in Queens in recent years with the $300 million purchase of a portfolio of apartment buildings, several sources said.

The Queens portfolio, which sold late last week, was owned by landlord Nicholas Haros. It includes 47 apartment buildings with about 1,969 units, as well as 20 retail spaces, a source close to the deal said.

Vantage buys Queens apartment buildings portfolio for $300M

The properties range in size from 15 to 97 units. Most are located in Flushing, Elmhurst, Jackson Heights, Corona, Woodside and Sunnyside. The largest are a 97-unit building in Jackson Heights, at 37-52 89th Street, and a 91-unit building in Flushing at 139-06 34th Road.

The sale of large blocks of rent-stabilized housing, such as the Haros portfolio, has been closely watched by affordable housing activists who fear big rent increases.

Haros was named as one of the city's 10 worst landlords in 2005 by the housing advocacy group Housing Here and Now.

Photo from the Real Deal


We Light Up Queens said...

Another unfortuate sign that the almighty dollar is pushing out Queens' low income population as rent stabilized housing is desapearing. In a worst case scenerio they can always turn it into a homeless shelter ;)

Keep up the good work,


Anonymous said...

Yea, and does anyone know anything about Vantage?

Perhaps the old landlord has an interest in it? Is it made up by hot foreign money without a soul?