City Government and Tenants Warn Speculative Buyers of the Vantage/ Lone Star Portfolio to Back Off!
October 23, 2012 2 Comments
Flor Matos, una de las residentes del inmueble 566, de la calle 190, que vive desde hace 29 años en el sitio, expresó sentirse muy preocupada ante la incertidumbre de no saber lo que va a pasar. “De llegarse a vender el edificio, por más de lo que vale, es casi seguro que nos van a subir la renta y continuaremos esperando para que nos reparen la calefacción.” (El Diario)
Flor Matos, one of the residents of the property at 566 W. 190th St, who has lived in the building for 29 years, said she was very concerned about the uncertainty of what will happen. “By selling the building for more than it’s worth, it is almost certain that they will continue to raise the rent and wait to repair the heat.” (Our own translation.)
“It’s outrageous that Vantage and Lone Star would jeopardize the stable housing of hundreds of New Yorkers to turn a quick buck,” City Council Speaker Christine Quinn said in a statement. “If these buildings are sold with millions of dollars more in unsustainable debt, tenants will be the ones who pay the price when the new owners can’t make mortgage payments or repairs. I urge Lone Star and Vantage to put tenants first and to sell these properties to a responsible buyer who will ensure the upkeep of these buildings is maintained.” (Crain’s NY)
“We want to make sure that to the extent that these buildings are sold that they’re sold to responsible owners and that they’re sold at prices that will be responsible prices,” HPD Commissioner Matthew Wambua said. (WNYC)
More Press is below. You can read HPD’s press release here, and please stay tuned as we continue to add press links throughout the day!
- Crain’s New York Business: “City: 10 Washington Heights Apt. Buildings ‘At Risk.‘”
- WNYC: “As Upper Manhattan Buildings go into Foreclosure, Officials Try to Influence Sale.”
- El Diario: “Inquilinos Luchan Por No Quedarse en la Calle.“
- DNA Info.com NY: “Pols Join Forces to Protect Rents at Foreclosed Manhattan Apartments.“
- New York Daily News: “Pols, Tenants Battle to Keep Rents Affordable by Selling 10 Foreclosed Apartment Buildings at a ‘Sustainable’ Price “