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Old 10-07-2015, 08:41 AM
 
Location: Manhattan
20,167 posts, read 26,469,688 times
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In a different thread I asked if a landlord can simply evict tenants to demolish a building and I got no clear answer. Apparently If this developer had to pay tenants $25,000,000, the answer must be that a simple eviction notice and a filing with DHCR is not sufficient.

So a rent stabilized/controlled tenant who wants to stay can stay.
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Old 10-07-2015, 11:10 AM
 
Location: Brooklyn New York
15,237 posts, read 23,786,423 times
Reputation: 19897
but this was the tenants home.
im glad they got the money.
why should they have to move because the developer wants to knock it down and make millions on another project?


what if you had a house and someone wanted to knock it down because suddenly the land was worth a fortune and you had to move. id hold out too.

no matter what people say about these tenants, this is the place where they ate supper, watched TV, went to slee, it was thier home.
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Old 10-07-2015, 04:41 PM
 
18,310 posts, read 11,709,355 times
Reputation: 11953
Quote:
Originally Posted by Kefir King View Post
In a different thread I asked if a landlord can simply evict tenants to demolish a building and I got no clear answer. Apparently If this developer had to pay tenants $25,000,000, the answer must be that a simple eviction notice and a filing with DHCR is not sufficient.

So a rent stabilized/controlled tenant who wants to stay can stay.
You received an answer, it was "yes" but takes ages of time if tenants drag things out. That exactly is what the high priced Mr. Fancy Pants attorney hired by these two sets of couples was doing and threatening to continue.

At some point the humping you are getting by continuing to battle with tenants such as this isn't worth the humping you are getting. In a pro-tenant city and more importantly housing court system this these sort of things can be dragged out for years. More so now that de Boob and his liberal/progressive followers are in office. In the meanwhile you as the landlord/developer are stuck cooling your jets and losing big money each day demolition of the building is delayed and thus keeping the new project from starting.

As another poster mentioned this was Tishman, not some naf bunch of galoots fresh out of the shtetl. They cut their losses and paid the extortion money but in the end will gain many times more back once the new development is up.

This same attorney as I posted above was involved with another famous set of very lucrative buy out offers for the former Mayflower hotel site. That new building did very well and certainly paid back the developers.
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Old 10-08-2015, 03:01 AM
 
23,265 posts, read 16,096,003 times
Reputation: 8543
Quote:
Originally Posted by fluttereagle View Post
Truly disgusting that these tenants received millions of dollars after probably benefiting from below-market rent for years. NYC's crazy rent regulations have essentially granted property rights to stabilized tenants. The system should be abolished.
It is being abolished as rent regulated tenants are being bought out. The developers will make their money back, don't worry.

The post may not reference a rent regulated apartment, but there certainly have been significant buyouts and there will be others.
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