The Real Deal New York

Posts Tagged ‘dawnay day’

  • A portfolio of more than 200,000 square feet worth of northern Manhattan investment properties has hit the market and could go for close to $100 million, which, according to the Observer, would make it among the largest deals of its kind since the Lehman Brothers crash. The portfolio, which is being marketed by Massey Knakal Realty Services, consists of six development sites and income-producing properties. The last deal to rival this portfolio in size was in 2007, when 47 buildings in East Harlem and seven condo units in the East Village were sold for $225 million to British investment firm Dawnay Day. The firm has since folded. … [more]

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  • A group of East Harlem tenants from 47 allegedly poorly maintained buildings previously owned by failed British investment firm Dawnay Day protested yesterday outside the offices of EH Property Management, which has been overseeing the properties since they went into foreclosure in August. The tenants, along with their attorneys from the Urban Justice Center, also launched a lawsuit to remove EH from its management role, charging that the company has harassed them and charged false fees, all while refusing to make needed repairs and ignoring hundreds of emergency violations in the buildings. Because the buildings are in foreclosure, tenants in the 1,100 apartments cannot demand repairs in Housing Court, but must go through the management company chosen by the court receiver. Hope Community, the landlord reportedly angling to purchase the distressed portfolio, also has a history of neglecting properties and forcing out low-income tenants, the protesters alleged as they moved from the EH headquarters to those of Hope Community yesterday, in a campaign to block the company’s takeover. Hope Community was not immediately available for comment. EH is run by Michael Kessner, the son of the buildings’ former owner, Steven Kessner — one of the Village Voice’s 10 worst city landlords in 2006. Kessner was hired by Dawnay Day before the company folded. TRD

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  • A group of tenants are planning to protest today at the Bank of New York Mellon, which holds the mortgage on what they say are poorly maintained East Harlem apartment buildings. The tenants’ landlord, British investment firm Dawnay Day, purchased 47 rental buildings in the neighborhood for $225 million in 2007, at the height of the market, intending to slowly replace low-income residents with affluent ones who would be charged higher rents as the area gradually gentrified. The recession hit Dawnay Day hard — some analysts say the firm was one of the largest real estate insolvencies of 2008 — and those East Harlem properties, containing 1,100 apartments, are now facing foreclosure. Low-income tenants there say that after Dawnay Day tried to force them out, the firm’s failure has left them even worse off: their apartments are neglected and have rats and gaping holes in their ceilings and walls. Dawnay Day had hired Michael Kessner, the son of the buildings’ former owner, Steven Kessner — one of the Village Voice’s 10 worst city landlords in 2006 — to manage the properties before the company folded, and now his family may end up the landlord there once again. “At the right price,” Michael Kessner said, he would bid on the foreclosed buildings. [NYT]

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