The Real Deal New York

Posts Tagged ‘housing subsidies’

  • Southbridge Towers at 90 Beekman Place

    Southbridge Towers at 90 Beekman Place

    Residents of Southbridge Towers, a 1,651-unit complex of subsidized co-op units in the Financial District, are gearing up for a vote on whether to turn their homes into market-rate apartments.

    Proponents of going private say the move will enable residents who snagged their apartments for $10,000 or less ten years ago to sell them for over $1 million. But others balk at the removal of affordable housing they say could serve future generations, and take issue with several points in a newly-released 900-page offering plan they say makes going market-rate appear risky. [more]

  • 1831 Madison Ave.

    1831 Madison Ave.

    Residents of a city-subsidized Harlem co-op are pushing back after being hit with a $4.25 million lawsuit by the developer for complaining about inferior construction and repairs. [more]

  • From left, Greer and Weisburd

    From left, Matthew Greer and Randy Weisburd

    From the South Florida site: The beleaguered, third-largest affordable housing developer in the U.S. has sold its affordable housing division to South Florida-based real estate conglomerate the Atlantic | Pacific Companies for an undisclosed sum.

    Carlisle Development Group, a Miami-based company with more than $1 billion in completed projects sold the division while its CEO Matthew Greer and former executive Lloyd Boggio remain under federal grand jury investigation into the alleged padding of costs to inflate tax subsidies for affordable housing projects, as The Real Deal previously reported. [more]

  • Manhattan U.S. Attorney Preet Bharara has announced charges against a former chaplain and Satmar rabbi with the New York City Department of Corrections with the largest individual case of tenant fraud ever discovered by the Department of Investigations.

    Bharara’s office charged Leib Glanz and his brother Menashe Glanz each with one count of conspiracy to commit theft of federal funds and one count of theft of federal funds in connection with a $200,000 Brooklyn housing fraud scheme.

    “As alleged in the complaint, Leib and Menashe Glanz engaged in a years-long subterfuge to take criminal advantage of federal housing subsidies,” Bharara said. “Especially in these trying economic times, we cannot tolerate stealing from the public.” — Katherine Clarke[more]

  • Mayor Bloomberg’s office is lobbying against a bill that would provide more rent relief to 11,000 low-income New York City residents with HIV or AIDS because it is too costly. The bill, which was passed by the State Senate on Tuesday and by the Assembly in January, is expected to make its way to Governor David Paterson’s desk in the next few days, and Bloomberg is asking him to veto it, the New York Times reported.