Friday, June 28, 2013

Tenants of foreclosed buildings want fixes

From the Queens Courier:

Hany Taha is afraid that his ceiling will collapse on him.

He has lived in the same apartment for 26 years, but now the ceiling is sinking. Although he has complained about it for seven months, nothing has happened.

Taha is a resident of one of six low-income apartment buildings in Ridgewood owned by Ridgewood Realty of L.I. The structures have accumulated a total of nearly 550 violations, according to the Department of Housing Preservation and Development.

At a rally on June 19 outside Manhattan’s bankruptcy court, residents and officials demanded to meet with the company that owns the mortgages — an investment firm called Stabilis Capital Management — to discuss finding a “new, responsible owner.”

About thirty families rent at the buildings in question, which have six units each. The rent ranges from $900 to $1,050 a month. Tenants make payments to a court-appointed receiver.

Residents want to continue living in the buildings, but fear that Stabilis will sell them to a group that wants to build luxury apartments.

“We are trying to resolve it, but we don’t own the buildings. We don’t have control over them,” a representative from Stabilis said. “We are prevented from taking action because of the bankruptcy that was taken by the owner.”

Residents’ complaints include no heat in the winter, leaks from ceilings, rat infestations, mold and cracked walls. The front doors to some of the buildings are missing knobs, and a number of locks are broken.


Anonymous said...

"Affordable Housing" increasingly is used by developers to lull a community into giving up 100% of their community for 5% return - and its a promise almost always magically shrinks over time.

You want affordable housing?

Cut taxes or cut demand. That will not happen.

Anonymous said...

the article adds to the misunderstandings out there.

the note holder cannot make the repairs, they do not own the building. the court appointed receiver is the one who has the power to do so. Also,these sound like regular rent stabilized buildings - not low income or in a program. Now think about it: real estate is a business, clearly the economics do not work if the landlord couldnt pay the mortgage or find a buyer at a higher price, so something is wrong with the system. the taxes go ever higher as do the penalties by the city. the courts are too slow to finish a foreclosure - (because liberal judges slow the process to a crawl even when its investment property) and bankruptcy makes it even slower.

also, no rent stabilized tenant is ever getting kicked out if they pay their rent, so the building is not in danger of being torn down..

stop pandering and educate please.

Anonymous said...

hmm... another Queens apartment building with a Queens Housing Court judge as a silent partner?
Does James Grayshaw, retired Housing Court judge, have his hands on this building too?