Friday, January 16, 2009

Chronicle has Vantage's number

From the Queens Chronicle:

The era of the McTenement has dawned in Queens.

In a borough known as a hodgepodge of diverse people and places, an air of uniformity is creeping into the brick and mortar sea of apartment buildings along the No. 7 line corridor, courtesy of real estate giant Vantage Properties.

At several Vantage-owned apartment buildings visited over the past month, a forest green awning hangs over every doorway. Metallic General Electric appliances fill many, if not all, remodeled Vantage kitchens. A brass plaque warns intruders away with the same security system at each building.

And soon, every Vantage unit will be rented at the same market rates — at least, that’s what the real estate giant’s investors are betting a half billion dollars on.

Surprisingly good piece for a weekly newspaper!


Anonymous said...

very good article about a major problem in Queens. As a Vantage tenant, I can can second these renter's arguments, including the difficulty in getting the company to make important repairs. There are also unsually high vacant rates, considering the housing cruch that exists in NYC. It is obvious that Vantage is operating on a razor thin margin and needs to turn $600 a month rents into $1,400 to survive. But I won't be shedding any tears for the CEO if that were to happen.

georgetheatheist said...

"Kill my landlord. Kill my landlord." - Eddie Murphy (on Saturday Night Live)

Anonymous said...

Damn. I live in a Katz-controlled building (34-35 76 St.), had no idea that Mr. Katz was that rich. Suppose I should be grateful he hasn't sold this building too.
So if Mr. Katz was such a mensch when he owned these buildings, could he have insisted that Vantage treat tenants with some basic decency BEFORE he sold his holdings? Of course, maybe he didn't give two shits as long as he got the $$$.

Anonymous said...

No secret that the Chron is limpin along.

No press in Queens attacts the real estate industry. Is the reporter ticked off at the low pay and revolving door? Seen it happen many times.

Or perhaps they did not take any ads out in the local press, something that they will be reminded of when they get in touch with their local city council rep.

Within 6 months the press will be singing praises of them.

Just you wait and see.

Anonymous said...

Exhibit A of the sort of think never mentioned at preservation conferences.

Anonymous said...

Exhibit A of the sort of thinG never mentioned in preservation conferences.

No thinKing ever happens there.