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Old 09-11-2019, 12:53 PM
 
Location: Eric Forman's basement
2,055 posts, read 2,213,161 times
Reputation: 1091

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Quote:
Originally Posted by Gantz View Post
Even if tenants move out, there is no guarantee that the units will be available for rent. After the new rent regulations laws went into effect Stuy Town and Peter Cooper village completely halted any renting of available units. There are currently 50+ RS apartments just in Stuy Town that are sitting empty with landlord (Blackstone) refusing to rent them out. They also halted all apartment renovations due to new MCI caps. Several major landlords like Katz and Forest Realty are currently suing NYC in federal courts over the rent laws, and if the landlords were to lose, I think a lot more of them will completely halt any new tenants from renting their apartments and exit J-51 and other such programs.
Most major landlords are in the process of re-evaluating their portfolios and some major housing developers such as Extell and JDS are thinking of downsizing or completely exiting NYC real estate market. Extell shifted their $$$ to new Dallas properties and JDS is diverting their $$$ from NYC to Florida.
^^^^ That was true, but apparently Blackstone reversed course and agreed to stop the warehousing after New York City opened up an investigation concerning the deal Blackstone got a couple of years ago to preserve "affordable" housing in Stuy Town:

Blackstone Group has apparently shifted course and is now renovating and leasing all vacant units at Stuyvesant Town. This comes after the landlord faced criticism following revelations that the company has been keeping 20 to 50 percent of rent-regulated apartments at Stuy Town empty in reaction to the citys new rent laws. It didnt take long for authorities, including Mayor Bill de Blasio, to express concern over the findings. On Friday, a spokesperson for Blackstone told Gothamist, We are renovating and leasing all vacant units, and we will continue to fulfill our commitment to voluntarily preserve 5,000 affordable apartments.

Voluntarily! What nerve!

https://www.6sqft.com/blackstone-shi...-at-stuy-town/
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Old 09-11-2019, 01:06 PM
 
Location: Brooklyn, New York
3,836 posts, read 3,927,346 times
Reputation: 3686
Quote:
Originally Posted by macnyc2003 View Post
^^^^ That was true, but apparently Blackstone reversed course and agreed to stop the warehousing after New York City opened up an investigation concerning the deal Blackstone got a couple of years ago to preserve "affordable" housing in Stuy Town:

Blackstone Group has apparently shifted course and is now renovating and leasing all vacant units at Stuyvesant Town. This comes after the landlord faced criticism following revelations that the company has been keeping 20 to 50 percent of rent-regulated apartments at Stuy Town empty in reaction to the city’s new rent laws. It didn’t take long for authorities, including Mayor Bill de Blasio, to express concern over the findings. On Friday, a spokesperson for Blackstone told Gothamist, “We are renovating and leasing all vacant units, and we will continue to fulfill our commitment to voluntarily preserve 5,000 affordable apartments.”

Voluntarily! What nerve!

https://www.6sqft.com/blackstone-shi...-at-stuy-town/
They are simply "slow-rolling" it and taking their time with the reno's. Those apartments are currently under renovation that normally would take weeks, but will probably take months or years. Technically, that counts as "renovating and leasing all vacant units", while almost no one is actually moving in. Other landlords who didn't receive any government funding like Blackstone are also not leasing the units, they are just flying under the radar for now.
The worst part in this is actually not the halt of rentals for existing apartments, but the fact that a lot of really big NYC developers are reducing their plans and funding for future NYC apartment housing projects. Good luck getting any new rentals on the market in 2025...
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Old 09-11-2019, 01:17 PM
 
Location: Eric Forman's basement
2,055 posts, read 2,213,161 times
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I hope the city stays on top of it and makes sure that Blackstone is indeed renting the vacant apartments in a timely way.
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Old 09-11-2019, 03:22 PM
 
21,547 posts, read 14,290,664 times
Reputation: 15114
Quote:
Originally Posted by Gantz View Post
They are simply "slow-rolling" it and taking their time with the reno's. Those apartments are currently under renovation that normally would take weeks, but will probably take months or years. Technically, that counts as "renovating and leasing all vacant units", while almost no one is actually moving in. Other landlords who didn't receive any government funding like Blackstone are also not leasing the units, they are just flying under the radar for now.
The worst part in this is actually not the halt of rentals for existing apartments, but the fact that a lot of really big NYC developers are reducing their plans and funding for future NYC apartment housing projects. Good luck getting any new rentals on the market in 2025...
What of it? Warehousing apartments goes back to the 1970's well into 1980's if not a bit of 1990's. Nothing new and was rather common.

Also common was paying "key money" to a super or someone in the know in order to get one of those warehoused RS (with low rent) apartments as they were rarely advertised. And no then nor now absent some contractual agreement with state or city there isn't a GD thing either can do as there isn't any law forcing someone to do something with their own private property.

Anyone who thinks a RS apartment for say < $1000 in Manhattan or prime areas of Brooklyn, Queens or even Bronx is going to show up on CL wants their head examined.

For years there was an entire block of warehoused/empty buildings just off Madison near Mount Sinai. Some where in the 100's IIRC, and this was going back to the 1990's when heard about. Apparently the buildings were all RS but somehow were emptied out over years.
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Old 09-11-2019, 03:46 PM
 
Location: Brooklyn, New York
3,836 posts, read 3,927,346 times
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Quote:
Originally Posted by BugsyPal View Post
What of it? Warehousing apartments goes back to the 1970's well into 1980's if not a bit of 1990's. Nothing new and was rather common.

Also common was paying "key money" to a super or someone in the know in order to get one of those warehoused RS (with low rent) apartments as they were rarely advertised. And no then nor now absent some contractual agreement with state or city there isn't a GD thing either can do as there isn't any law forcing someone to do something with their own private property.

Anyone who thinks a RS apartment for say < $1000 in Manhattan or prime areas of Brooklyn, Queens or even Bronx is going to show up on CL wants their head examined.

For years there was an entire block of warehoused/empty buildings just off Madison near Mount Sinai. Some where in the 100's IIRC, and this was going back to the 1990's when heard about. Apparently the buildings were all RS but somehow were emptied out over years.
It depends on the scale of the problem. A lot of this new warehousing is triggered by the new laws. Blackstone and a lot of other landlords certainly were not doing any warehousing before these new laws came into effect. NYC developers were also very favorable when it came to building new apartment buildings, some of them never even invested in the real estate markets outside of NYC until this June...
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Old 09-11-2019, 06:15 PM
 
21,547 posts, read 14,290,664 times
Reputation: 15114
Quote:
Originally Posted by Gantz View Post
It depends on the scale of the problem. A lot of this new warehousing is triggered by the new laws. Blackstone and a lot of other landlords certainly were not doing any warehousing before these new laws came into effect. NYC developers were also very favorable when it came to building new apartment buildings, some of them never even invested in the real estate markets outside of NYC until this June...
Warehousing of units won't be a huge problem right away unless or until there is a huge economic meltdown in city economy. If it goes on long enough and people lose their jobs and cannot find another thus get behind in rent......

Other than that things will roll same way they did in 1970's through a good part of 1990's; as RS (or RC) tenants die or otherwise make units vacant LL's won't put them back on market.

Have mentioned this several times over years here in group; baby boomers and the generation above them (their parents if you will), are the largest group sitting in cheap/below market RS apartments. These are persons who largely got their apartments say before early 1990's (or even 1980's) and just never moved.

As those persons move through middle age to senior or elderly the clock on wall keeps ticking. If they don't move away on their own, sooner or later Grim Reaper will create that vacancy. If newly enacted rent control laws last ten or fifteen years no small number of apartments are just going to "vanish". That is they will be vacated but no record of them ever being rented again.
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Old Today, 04:13 AM
 
110 posts, read 151,921 times
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Quote:
Originally Posted by WhyRUMad View Post
With the new law allowing illegals and people with poor credit to apply, the odds of landing a lotto apartment went way down. Id look into other options.

Also with the new rent stabilization laws on the books, I doubt anyone with a RS apartment will be moving anytime soon, making the market even tighter.

Im just waiting for the mayor to announce that illegals will get preference in lotto apartments. Would not surprise me at all.

Its rough out there. Good luck!

No human being is "illegal". Perhaps the word "undocumented" would be a better choice.
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Old Today, 09:46 AM
 
Location: Brooklyn, New York
3,836 posts, read 3,927,346 times
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Quote:
Originally Posted by bronxgirl6 View Post
No human being is "illegal". Perhaps the word "undocumented" would be a better choice.
The proper term is illegal alien. Illegal alien means a foreign national who is living without official authorization in a country of which they are not a citizen. "Undocumented" implies that they simply lack documents due to some kind of bureaucratic mishap. This is not what is happening. Illegal aliens are intentionally breaking the law to enter a country unlawfully without showing any identification papers for whatever reason (to hide their criminal record/wanted status, hide their wealth assets, human trafficking, knowing they wouldn't qualify under existing refugee/immigration programs, etc.) If a person came here lawfully, showing their passport, passing background checks, providing medical history, etc they are not illegal aliens. If I steal money from you, I am in possession of stolen property, not "undocumented" cash simple because I can't prove it belongs to me.
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Old Today, 09:58 AM
 
Location: Manhattan
21,748 posts, read 28,816,641 times
Reputation: 9923
Does "no more units" apply to a particular building or to every building built or will be built?
If the latter I would expect that you reported an income of a quarter million or higher.


Most likely they are talking about a single building, so keep your pecker up.


If you told us your approximate income we might be able to help better.
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Old Today, 10:08 AM
 
Location: New York, NY
2,786 posts, read 2,364,321 times
Reputation: 1723
Quote:
Originally Posted by Gantz View Post
The proper term is illegal alien. Illegal alien means a foreign national who is living without official authorization in a country of which they are not a citizen. "Undocumented" implies that they simply lack documents due to some kind of bureaucratic mishap. This is not what is happening. Illegal aliens are intentionally breaking the law to enter a country unlawfully without showing any identification papers for whatever reason (to hide their criminal record/wanted status, hide their wealth assets, human trafficking, knowing they wouldn't qualify under existing refugee/immigration programs, etc.) If a person came here lawfully, showing their passport, passing background checks, providing medical history, etc they are not illegal aliens. If I steal money from you, I am in possession of stolen property, not "undocumented" cash simple because I can't prove it belongs to me.
This ^^

One of my good friends has worked as a court translater for the past ten years here in NYC, and she tells me that 99% of the cases for illegals to seek permanent residency are BS.
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