Manhattan House Condo War Details

1.

Boo hoo, a dermatologist making over $175K per year won't get a great deal on buying his apartment. Give me a break!

2.

yea, the last time I checked, a dermotologist is not considered "MIDDLE CLASS" - that's the problem with rent control/stablization, a significant amount of people that it "helps" don't need it, like this greedy bastard doctor here having had cheap rent for 25 years and is now calling foul. He ruins it for all the people who are teachers or police officers, or firefighters who truly need this type of subsidy. SHAME ON YOU!

3.

Fight these new owners till the end.. These people have been here for years - Let them battle it out in court - Enough with these conversions already. Buyer Beware!.. If you have 250 Rent Stabs in the building the new owners will have to deal with it

4.

So PATHETIC that the inhabitants will now let their lives be dominated by this "battle" for years. Life is too short.

As much as I love the UES, I can't imagine living in that building. I don't care what the garden looks like.

5.

we rent stabilized tenants are truly appreciative of you market rate tenants "subsidizing" our lifestyle. I got a great deal in '89 because I'm in the biz. 17 years laters, 3 children born and raised in the city later and I get to stay put in my 3 BR penthouse; call it an "inside" deal but at least its legal; can't say the same for our friends who've made so much money on The Street...

6.

This is what's frustrating -- the nice small older buildings get torn down. The large buildings stay and stay, regardless of ownership changes. That's why all these supersized new builldings depress me -- I know that they're there to stay. You can figure out ways to remove 20 tenants and tear a building down, but you probably won't bother with hundreds.

Does anyone recall an apartment building of any great size being torn down recently? I can't think of any but other folks here may know of examples.

7.

bustamove -

you must know nothing about finance or "The Street" - b/c if you do, you'd know that it is one of the most heavily regulated industries, and you would not make silly comments that imply poeple who make money one the street is "illegal". speaking of legality, if you are in the "Biz" which i take to be be a reference to real estate, you would have (if you are the least bit competent) cleaned up in the last 5 years b/c of the boom, and i don't think I need to tell you what a dirty, slimeball, bottom feeder people you "biz" people are. you have a seriously distorted sense of reality - and no, i'd hate to subsidize pathetic pieces of shit like you.

8.

Wouldn't live in it even if it was free.
I'm done with that kind of living.

9.

#7, take a chill pill and shut the fuck up. Grow up and stop whining.

Stop shopping at OLD NAVY, urgggh that is so gross

Hugs and Kisses!

10.

#7: peace brother! you really got me there with that insight..and regulations did what for the poor employees of enron, worldcom, and adelphia? oh never mind, wall street is just so darn clean because its regulations are written by, let me guess, ex-wall streeters?!

11.

Bing --

The real problem is that the tenants of "small older" buildings can't afford to raise enough money in legal fees to fight for their rights.

12.

7, if you're suggesting the street is a house of integrity and high ethics, you know zip-o-la about the street.

the street is about being a hustler. a dollar you make is a dollar someone else lost. i played the game, never pump & dump, but a whole lot a hustling.

i also have a 2 bedroom RS apartment w/doorman and terrace a couple of blocks from central park. my rent's below $800, lease dates back to the early 50's (i sued the landlord to get the lease in my name in the early 90's when my nabe was crack infested). now it's once again referred to as "Manhattan Valley" and the new inventory condos that are the size of my place would come with a $5K mortgage + $800 main/taxes monthly.

i have no interest in owning anything in manhattan and paying the freight for this place. i am though waiting for the market to tank on the hudson valley as i have my eye on a fantastic 24 acre farm house with lake access. it's amzing what $750,000 can buy upstate.

thans to RS my florida condo is paid off, and i can finally buy my dream home 45 minutes outside of the city.

it's really great to live in NYC without financial pressure or stress...or over your head. oh, my landlord has spent over $10,000 investigating me and trying to craft a foundation to evict. unfortunately he can't, i have one of the best tenants attorneys in the city and i slapped my landlord's ass but good 2 years ago and the court ordered the landlord to pay my legal bills in their bs attempt to evict me.

i make it my business to live 183 days a year at my Manhattan RS apartment. Other than that i'm in Florida sport fishing on the boat. However i do hope to buy this farm house this year and can only hope putting 80% of asking price down on the table in cash can close a deal.

Worse thing about RS. When I get my upstate house, I will need a car. Looks like parking is goig to cost 1/3 of my month rent. crap!

13.

Bring it on! I am glad that yet another corrupt building full of rent regulated rentocrats is being given the heave-ho. Why should I feel sorry for them if market rate renters have no rights or protections whatsoever from landlords? The more housing inventory on the market, the better. The glut of condos coming on-line within the next few years will create a great buying opportunity not unlike the coop glut of the late 80s. $200K 1BR condos for everyone!

14.

#12: you poor dude, you had to live the last half century in Manhattan Valley. Your landlord should have paid your sorry butt. as for me, i'm slummin it on the Upper East Side which as we all know is the architectural back water of manahattas. Still, 3 Bedroom + terrace + doorman & garage/ $1274.00. Time to Laguardia: 17 minutes. Watching wall streeter entitlement boys complain: priceless

15.

Ed my friend, 200K 1 BR condos in affluent manhattan areas will not happen.

Keep it up with your wishful thinking, or just die in peace

Like oh my god, I just purchased a beautiful black chemise from Oscar de la renta! Im so bringing sexy back!

Hugs and Kisses!

16.

Bustamove - hate to break it to you but Enron was in ENERGY (uh, not Wall Street) and Worldcom was in (TELECOM) (uh..again, not Wall Street). you must be really retarded.

oh, and there are LOTS of other types of job out there other than the "Wall Street Traders" - gosh, you really need to pull you head out of your rent-controlled ass and get and education.

17.

I think many of the posts above miss the article's insight.

Clearly, Kalikow and O'connor vastly over paid for the property. They also used questionable practices to kick people out which are illegal.

Illegal is illegal regardless of whether it affects market rate or rent stabailized tenants.

It will be interesting to see if they succeed. They don't appear to be putting enough effort into increasing the buildings value. If not, how can they get luxury prices?

I smell a bankrupcy, do you?

I'd be interested in the perspective of you real estate experts.

Disgusted

18.

Curbed used to be a good website.

19.

There are no "real estate experts" who comment on Curbed. Just a bunch of bitter, know-it-all assholes.

20.

Disgusted --

Developers are whores. If they can get the money, they'll do anything for a fee.

IMHO, bankruptcy is a real possibility.

21.

Disgusted:

OK I'll bite.

I am in the industry and we're all scratching our heads. The truth is that Kalikow paid a lot more than $625MM.

In order for him to make a buck, he'll have to kick-out more than the market rate folks villified above. Now, kicking out market rate people is one thing, elderly and infirmed rent stabalized grandma is a horse of a different color.

He's screwed.

It will be fun to watch. I think bankrupcy is just a matter of time.

Expert

22.

ok young grasshopper, you force me to pontificate on your last drool. Enron, Worldcom and your favorite, Thebigconcom were underwritten, endorsed and toasted by your little friends at Bear Stearns, Merrill Lynch & GS (hope you know the lexicon). As for my retarded little fanny, it sits clearly in a RENT STABILIZED apartment, not CONTROLLED (but you wouldn't know the difference now would you punk). In your case, ignorance must be bliss.
Hugs and kisses Svetlana!

23.

Svetty, dahling, I'm sure that Oscar de la Renta number will look stunning with the tube top and fishnets you will need to wear to make ends meet when the real estate market tanks. It's all about the fundamentals, or lack thereof.

Hugs and kisses,

Ed

24.

Bitch please-

Ed my friend, first thing first, I NEVER WEAR FISHNET STOCKINGS. EWW that is a fashion faux pas. Gross!

If you want to buy a nice 1 br for 200K, go up - as in way up north to washington heights.

Seriously, if you don't anything about fashion, then shut the fuck up. Thank you!

Hugs and Kisses!

25.

Why is Svetlana so angry?

26.

Rich squatters are the worst!
Greed ....

27.

Here's a question for all the scum who are getting a free ride with rent-stabilized apartments.

If the shoe was on the other foot, would you be defending the right of me to make $200k per year and pay $500/rent when my neighbors are paying $3000?

Enough said.

28.

NYC is a luxury market, Mayor Bloomberg said so himself. If you can't afford it you don't belong here, nobody cares how long you've been here that's how it is NOW. It's the middle class of NYC that is squatting on land now designated for the world's top achievers. In the 21st century there's no community only money. Old ladies are out, 25 year old MBAs are in.