Concern as companies buy New York real estate
NEW YORK – While the East Village is one of New York’s hippest neighborhoods, it’s now part of a new trend that some here would rather ignore.
Companies have purchased parts of the East Village, the most recent examples are two buildings connected at 305 E. 11th St. and 310 E. 12th St.
A total of 89 residential units were purchased by real estate firm Meadow Partners for $58 million. The company says it looks forward to building upgrades and market-rate units renting below market value.
As New York City is in the midst of soaring rents and booming demand, those who live here tell us that tenants in the building are being told their lease will not be renewed and that ‘they have to move out when their current lease expires.
RELATED: Rents continue to skyrocket in New York, here’s the average rent right now
According to Sateesh Nori, executive director of housing justice group Just Fix, more businesses are becoming landlords, and for residents here that can mean massive rent hikes or being evicted altogether.
“In fact, 89% of owners of buildings with three or more apartments are corporations, so that means these corporations are all about making money,” Nori told FOX 5 NY. “If they can profit even 1% by evicting a family that has been there for decades, they will.”
RELATED: New Yorkers who fled during the pandemic return to the Big Apple
Some have said that when a company takes over a property it’s not always bad news and a big company might have the bigger pockets needed to carry out repairs that a private owner cannot afford.
But for many New Yorkers, it will be a matter of waiting.