Vantage, a real estate investment firm created in 2005, will nearly double its stake in Queens by purchasing around 1,900 units owned by Nicholas Haros. Apollo Real Estate Advisors, which has provided financing to Vantage in the past, is expected to partner with the firm again on this deal, according to sources.
Queens portfolio fetching $300M
Haros, who built up the Queens portfolio over the past two decades, managed the buildings in addition to owning them. He was included on a 2005 list of landlords the advocacy group Housing Here and Now called the 10 worst in the city.
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A win for the tenants...I think not. While the previous landlord may have been a slumlord he depended on his tenants for rent (but his mortgages were paid)therefore he could ignore his properties and leave them be. Enter the big Manhattan company, in order to pay the cost of purchase and become profitable, rents will skyrocket and the tenants replaced with yuppies. This new trend of replacing individual owners with faceless corporations will contribute to the destruction of our neigborhoods since they need to throw out the old tenants and raise rents in order to pay off their purchase costs. These companies didn't give a DAMN about the outer boroughs in the 70s or 80s when the city was going down the drain, now they will further the eventual gentrification of the entire city. Dosent sound so promising now huh?
In true Darwinian fashion......it'll be "the survival of the fittest" real estate investment firm after all the dust clears!
In the end.....I wonder who will come out "top dog" in this NYC game......not any tenants......that's for sure !!!!
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