Yorkshire Towers Sale

luxury? ha!!! that place is a dump! lived there for many years (rent stabilized) and had multiple floods & mice galore. that place would need a full gut renovation. additionally, I hear that there is a big issue with current market rate tenants whose apartments should have never been destabilized - moving towards a lawsuit.

Hopefully they fired jenny

They're getting on the Stuyvesant Town bandwagon.

The building was getting a J-51 abatement for a while. In 2008, that was down to $907 on on $4,400,000 tax bill. RS had dropped to 300-odd units.

On the 6/2014 tax bill, the RS count is back up to 677.

Looks as if they've already conceded that none of the 300+ apartment should've been destabilized while the building was getting J-51. If it's like Stuyvesant Town/Peter Cooper, there'll be a huge process to determine who were the during-J-51 market-rate tenants, and how much they get back. Big lawyer bucks there.

They did not fire Jenny, but since she works for Schneider & Schneider, her days are probably numbered. There is supposed to be an issue with improper deregulation of apartments, but as of now, there is only a single lawsuit by a single tenant and the DCHR has not commenced any type of investigation, nor has the attorney general. If they are able to get rid of the market rate tenants before a lawsuit is filed, the problem may not hurt them. Chetrit is not averse to gut renovations and dumping huge amounts of money into buildings--Flatotel, Sony, for example. The doorman report that there are now 140 apartments vacant and that the "sister" building at 160 East 88th Street is going to be converted to condos.

Here's the link to the Daily News article: http://www.nydailynews.com/life-style/real-estate/upper-east-side-towers-trade-500m-article-1.1837864

It turns out that any apartments which were decontrolled before June, 2009, were improperly removed from regulation based on the owners' J-51 tax abatement. Thus, market rate tenants who were in their apartments then may be entitled to renewal leases and have been asked by the Tenants' association to call the DCHR to request that a copy of the rent roll be sent to them. 718-839-6400, option 1 for English and then 6, leave message requesting rent roll.

Now it turns out the new owners have been doing dangerous and illegal construction. https://www.dnainfo.com/new-york/20160510/yorkville/illegal-gas-hook-ups-leave-700-ues-homes-without-gas-con-ed-says