Tenants living in 6 buildings in Ridgewood, Queens are caught in the middle of a complicated foreclosure and bankruptcy case which will determine the future of their homes. While the courts continue to drag out the 5-year-and-counting foreclosure, tenants suffer from horrible living conditions with no one to turn to. Check out Friday’s video from Channel 11 News demonstrating the unsafe living conditions tenants face on a daily basis: http://landing.newsinc.com/wpix/video.html?freewheel=91044&sitesection=wpix_pix11newsvideo&VID=24814511
To understand more about the case, we’ve broken it down for you.
Steven Kates, landlord: Fighting the foreclosure in bankrupcy court. Never could be trusted- he lied about the number of units in the 6 buildings to take out an unreasonably large mortgage!
Stabilis Capital: The original lender, WAMU, sold the debt to Stabilis- a private equity company we’ve seen lend on other severely distressed properties. We hope that Stabilis will come to the table to meet with tenants and advocates to work out a deal that will benefit tenants and NYC’s affordable housing stock.
The Elected Officials: Tenants have found a great deal of support from their elected officials! They hope that through political pressure, Stabilis will sell the buildings’ note to a preservation developer.
Preservation Developer: Tenants have chosen a nonprofit group to purchase their buildings, rehab them, and get them into good condition! Tenants want to have a voice in the way their buildings are run, and expect that with this development group, they will participate in managing the buildings.
Queens Legal Services: Tenants are represented by Queens Legal Services to help make sure that immediate repair needs are met. While the bankruptcy case has made legal matters a little confusing, attorneys are strategizing to get repairs done as soon as possible.
Stay tuned on this exciting fight to preserve affordable housing in Ridegwood, Queens!