Saga of 666 West End Ave

Feel your pain. I have lived at 666 West for 15 years so I am in a stabilized apt. But the management at 666 is extremely contemptuous of there residents and treat them as such. Just curious, as a free market tenant, have you explored what protections housing regulations offer you?

Hi, Octaboy--

Haven't done much looking into market rate regulations, but my general understanding is that there isn't much a market tenant can do in a case like this. The only choice appears to be to suck it up and pay or leave. I'm guessing 'leave' is exactly what the new owners want at this point.

By the way, what, if anything, have you heard about the purchase?

I hope they convert the building to condos because I live in the neighborhood. I have nothing against long term renters at all. But I think a neighborhood benefits from home ownership conversion because homeowners take a more active interest in what goes on in their neighborhoods. In my experience, they call the police on illegal activities and loitering, they organize legal fights against owners of buildings being put to unsavory uses, all in the name of protecting their home values. NYC could benefit from higher home ownership rates in my opinion.

I've never heard of a building that's a motley, undivided mix of hotel and normal apartment leases, so you might be able to claim rent-stabilization rights as a hotel-dweller. I don't know much about those hotel laws, though, so it's just a lead at best.

Might this be a plan to take rental buildings out of the market? Look at the foreclosure of Columbus Green, now Park Columbus on West 87th St. It has been vacated for years, except for a handful of rent stabilized tenants. The building was recently foreclosed on, and there is no movement to sell or lease. Is housing stock being warehoused?

PMG--I wouldn't mind a conversion, especially if current tenants were offered a purchase deal. In fact, since we've been here we've hoped for a co-op conversion, though the owners were never interested in that. But remember, even if the new owners want to convert to condos, they'll have to get the stabilized/controlled tenants out--those tenants make up the vast majority in this building.

Alan--good suggestion--worth looking into.

PMG--didn't see your recent post--anything's possible.

PMG - all of which are done by any long term renter as well. In fact, in the area of the building in question, three blocks (88th, 89th and I think 91st, btwn WEA and RVSD) used to have block associations that paid for night watchmen, the Epic security types. That was in the late 80's and early 90's just so you realize how recently was the gentrification of even these beautiful blocks. RS tenants are effectively long term tenants (just like owners) and are not easily moving when things go bad. But they are doing so at below market rates, which I think harms the markets.

I like to see conversions because the more RS apartments are converted the better it is for the RE market as a whole (renting as well as owning).

Hey Bram,

The building we are in is technically a Class A Hotel which in common parlance means an SRO (Yeah, I know.) As such itis governed by SRO rules and regulations. Not sure how being a free market tenant affects your status but as far as I know, once you have lived at the residence over 30 days, you have legal rights set up by the NYCHA that supersede any lease you might have signed.

There is an awesome organization called the SRO Law Project. It is right around the corner and they know legal details that I am sure even Simone is unaware of. Again, not sure how Free Market affects your status but check them out.
http://www.goddard.org/srolawprojectresources.html

The SRO Law Project, founded by by UES'rs concerned about the conversion of SROs on the West Side. One wonders whether their motivation was purely altruistic or if they were also concerned that gentrification of the West Side would offer very serious competition to their East Side housing stock. After all the easy access to two parks and two subway lines makes the West Side more convenient. Why does The SRO Law Project specifically assist West Side tenants?

Just did a quick search and it seems the protection is extended only to rent stabilized tenants.

Thanks, Octaboy--yeah, I know, an SRO. Hence all the 'interesting' folks we all rub elbows with in the elevator, eh? Are you planning to stay? I wonder what the place will be like once major gut work begins. I'd prefer not to move myself, but if it's gonna be a war zone over here...

Not sure either. Maybe I'll start selling plasma and buy my joint once the building goes condo. :-o I really have no idea.

The question, then, is what the legitimate path is from SRO to market-rate apartment, and whether that is identical to the rules for apartments in terms of permanence of free-market ... or not. And then whether your apartment (and others in the same boat) made that transition legitimately.

Hello

Octaboy--if they're going condo, that might make a lot of sense. We've considered the same thing.

Alan--yeah, I've wondered that even before this latest development.

How come the Salvation Army can sell its SRO to developers to make billionaire's condos. Oh yeah, one reason is it's on the East Side, with not a bit of resistance from the SRO Law Project. Preserving SROs on the East Side is not part of their mandate.

As an aside, how did you hear about the pool, etc? I'm always a sucker for a good bit of gossip.

Octaboy--

It's gossip that's come through the pipeline. No clue as to whether it's legit or not. Have heard about the pool (where, one wonders?), a penthouse on the roof, and that the new owners apparently also want to do things like combine upper and lower floor apts to create duplexes.

These new owners don't seem to understand what awaits them here. You think the bearded lady who wanders about in slippers and mumuus, accosting anyone in her path to complain about her roaches and rashes is going anywhere anytime soon? Think again.

I know of whom you speak. Her husband is bent over from years of her kvetching.

I would actually love to buy an apartment above or below mine for a super awesome duplex. I am just wondering, and would love some RE soothsaying, in regards to acquiring a loan for a condo that has just gone. I have a small nut but would require a loan and from what I am reading, banks are not to keen on lending money to condos with >50% ownership. And FHA loans are near impossible without being on a list.

Anywho, the saga continues.

O

And FHA loans are near impossible without being on a list.?????????

http://blog.redfin.com/blog/2010/02/buying_a_condo_with_an_fha_loan.html

Update--They're still working on gutting the building--there've been collapses of ceiling details in the lobby, the air is fetid with dust and debris, mold grows in the walls and the cacophony from jackhammers and other power tools is deafening. And of course, let's not forget the continual water problems and full shutdowns, floods from burst pipes and ill-functioning elevators. It's a dump in here.