MEDIA ADVISORY FOR PLANNING PURPOSES
Kerri White (UHAB), (212) 479-3371, (520) 507-5863 (c)
Ian Davie (Legal Services NYC-Bronx), (718) 928-2889, (917) 751-5992 (c)
Government leaders, tenants from eight distressed buildings across New York City, attorneys, and advocates will call on Stabilis Capital Management to stop speculating on rent regulated housing and transfer the properties to capable owners.
Tuesday, December 3rd, 3PM
755 Jackson Avenue, Bronx, NY (Map)
Stabilis Capital Management is a private equity company that has been acquiring distressed debt on multifamily buildings in foreclosure across New York City. Many of these buildings are suffering from extreme neglect, yet Stabilis has refused to complete meaningful repairs to protect the well-being of tenants and their families. Conditions at 755 Jackson Avenue have declined dramatically since Stabilis took ownership of the mortgage in June 2013. Stabilis’s practice of speculating on properties to the detriment of the tenants is known as predatory equity.
Tenants at 755 Jackson Avenue have invited elected officials including Public Advocate-elect Letitia James and Council Members Maria del Carmen Arroyo and Diana Reyna on a tour of the building to demonstrate deplorable housing conditions and tenants’ concerns about Stabilis’s inability to manage these properties. The tenants are also inviting residents from seven other distressed New York City properties controlled by the firm. The tenants are calling for Stabilis to sell the debt and/or buildings to preservation developers who will prioritize the health and safety of the current residents.
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