building at 211 Avenue A

211 Avenue A is part of the notorious East Village Portfolio.

It was sold to Extell as part of an even larger package on 01/18/2006 for $8,046,501. Extell then flipped the East Village Portfolio to Westbrook; this building sold on 05/21/2007 for $10,257,734.

http://www.streeteasy.com/nyc/building/211-avenue-a-manhattan

Westbrook is in partnership with Ben Shaoul's Magnum Real Estate on these properties. Shoal’s PVE Management handles the buildings. His reputation is so awful that he tries his best to stay hidden, though Westbrook finally admitted to the partnership. For example, tenants make their rent checks out to "211 Avenue A Owner," a company established to hide Magnum (there's one for each building).

The buildings are poorly maintained and understaffed. Repairs are put off whenever possible. Trying to reach management for assistance is nearly impossible. There are a combination of market rate and stabilized tenants, and some uncomfortable conditions were created in an effort to move the RS tenants along. As in most recent predatory equity cases, however, the efforts failed, and the entire portfolio is now for sale. Here is the listing for this building:

http://www.masseyknakal.com/listings/detail.aspx?lst=19062

Note the pdf in the lower left. It contains the name, rent paid and rental status of every tenant. Your name will likely appear here if you sign a lease.

Westbrook's reputation took a hit as a result of the condition in the buildings and treatment of tenants, which may have contributed to its failed Starlet City bid.

http://www.nytimes.com/2008/12/20/nyregion/20starrett.html

cont'd

http://www.thevillager.com/villager_280/eastvillagerswarn.html

Here's are some links to article about Ben Shaoul:

http://curbed.com/archives/2008/08/22/rent_wars_boy_emperor_gets_in_on_east_village_harassment.php

http://www.observer.com/2008/boy-developer-ben-shaoul-wants-live-forever

Creepily, the Observer's article has had its comments removed, which were mostly highly critical. If you search for the link, you can read them by clicking "Cached."

On a more basic note, there are now 2 bars in the building, 3 more across 13th Street and many on that immediate strip of Ave A.

Good luck.

Any of you guys remember Lenny Spodek? Probably not.... but probably Steve Croman? (who, as a "newby" rental agent had a fist fight in the office I was managing the sales side of).

"On a more basic note, there are now 2 bars in the building, 3 more across 13th Street and many on that immediate strip of Ave A."

My friend Mason Reese just opened Destination Bar and Grille there. He's a great guy - go support his establishment (please).

Thanks, tenemental. Haven't looked at apt-building listings before, and MK's are a gold mine. Very interesting to see rent rolls.

30yrs, would $19K plus an apt be reasonable for a super? Doesn't seem to be enough, but I know squat about it.

I think it depends a lot on how big the building is and how "full time" the super needs to be. If it's part time and he can get another job, $19k plus a decent apartment could be fine. It also depends on who you get: if you get a super who doesn't know anything about boilers, plumbing, etc. and all he does it take out the trash, clean the lobby and hallwaya, etc. and every time there's any real work to be done you have to call in outside plumbers, etc. it actually costs you a lot more than the $19k.

"Haven't looked at apt-building listings before, and MK's are a gold mine. Very interesting to see rent rolls."

If you think residential broker's setups are misleading........... Massey generally takes whatever info is given by the seller and just spews it forth without doing any fact checking. And I've gone head to head with a broker or two from there and their "expert" analysis shows they don't know crap about valuation, but are simply riding the same "just open the door and take the order" school of RE brokerage that you all complain about the residential brokers doing. It didn't used to be this way in general: the guys who were selling commercial buildings used to be a lot more savvy, but the pool has gotten diluted just as the residential pool has. Go call some of the listing brokers and try asking questions about the buildings they are representing and see what kind of BS answers you get.