Stellar buys Windermere for $180k per unit

666...

Stellar is buying and budgeting for renovation in unit terms about what I paid for a nearby studio condo in the mid to late 90s. I wish I could co-invest in this building on their 2010 terms.

Percent rent-regged?

alan, I think it had a high percentage of transient, which would suggest a lower percent regulated.

it will be christened "660 West End Ave" on renovation--just a guess

I live at 666 WEA. They're trying to boot market renters by jacking up renewals to the tune of 25%-50%. An offer you have to refuse, basically.

Meanwhile, the building is overrun with a plethora of rent-controlled riff-raff, some of whom wander about in slippers and mumuus complaining loudly to anyone in earshot about bedbugs and roaches and others of whom sit around like beacons of down-market in the lobby. Honestly, if the new owners think they're gonna get rid of these folks without a fight they ought to think again. I'm looking forward to them trying to market the building as luxury rentals while cat ladies, drunks, and other assorted odd-balls drift around the hallways, mutter profanities in the elevators and lurk like transients in the laundry room.

What is its history? Was it a hotel, a retirement home, SROs, halfway house / mental-health assisted-living?

Residential hotel. Many folks living here long-term are technically hotel residents. I believe, but am not certain, that there is a small handful of SROs. I may be wrong there, though. The controlled/stabilized tenants far outweigh the market renters.

By the way, as a market renter at 666 for the past several years I've always considered the building to be one of the best-kept secrets in the nabe regardless of some of the less-than-desirable residents. Very reasonable rent which included electric, F/T doorman, attentive staff and onsite manager, apartments with large-scale prewar rooms, super-easy access to shopping, dining, subway, etc.

A shame it's all coming to an end.

Bramstar, why do they want to get rid of market-rate renters?

Graffiti--

My understanding is they want to reclaim as many apartments they can so they can begin the reno. The stabilized/controlled tenants cannot be shaken loose but the market renters can be smoked out with super-high renewal offers. That's what been happening--some market renters are choosing to suck it up and pay while others are bailing.

In this weekend Times...
http://www.nytimes.com/2011/01/02/realestate/02developers.html?scp=1&sq=gluck&st=cse

Word has it they're planning to change the address from 666 to something more palatable to the superstitious...