This month’s housing article at the Gotham Gazette features 1255 Longfellow, a building that The Surreal Estate began organizing in June. On Monday, our friends in UHAB’s Development Department did us a favor and came out to the building to do a rough building needs assessment. They determined that the building would only be habitable for a short-while longer, and that it needed at least $2.5-3 Million in repairs.
The housing bubble may have burst a few years ago, but many New Yorkers — and the buildings they live in – can still feel the pain. An estimated 30,000 foreclosures are pending in courts in the five boroughs, with many cases lingering for years as owners and lenders abandon the properties and leave renters to cope with woeful and often dangerous conditions.
Much of the attention during the crisis has focused on owners of single-family dwelling who cannot meet their mortgage payments and end up losing their homes, thousands of renters whose landlords default also have their homes at risk. While recent litigation and a push for new legislation have combined to shine a light on this situation, changes are not coming soon enough for residents whose homes are literally falling apart.
Read more at Gotham Gazette.