Trio of Forsyth Street Tenements Fetch $9.82 Million

Posted on: April 20th, 2012 at 6:28 am by

A trio of Forsyth Street tenement buildings just fetched $9.82 million, the first sale of these properties (72, 74, & 104) in more than three decades. All are located between Broome and Hester Street, and were apparently “delivered fully occupied” with rent stabilized tenants. Of course, that’s always a bone of contention, isn’t it.

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The dude who brokered the portfolio sale, Josh Goldflam, was rather blunt about what the new owners could do with their investment. Basically, boot all the regulated tenants and raise the rents. Here’s the cringeworthy quote:

“These properties offer an excellent opportunity for the new buyer to increase the rent roll through the renovation and deregulation process as the apartments become vacant,” said Goldflam.

“There are even a couple of rent controlled units remaining which are paying less than the monthly parking garage spots down the block.”

“As the apartments become vacant” appears more like a euphemism for shady landlord activity to deregulate apartments.

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