1890-1894 Lexington Avenue and Urban American CEO Philip Eisenberg

In what may be a sign of economic strains stemming from a controversial $940 million Manhattan apartment package acquired during the market’s boom, the private equity-backed residential landlord Urban American Management brought to market this week a small piece of that portfolio, The Real Deal has learned. [more]

Tenants at several Harlem-area Mitchell-Lama rent-stabilized apartments are accusing their landlord, New Jersey-based Urban American Management, of trying to ratchet up rents and squeeze out long-time residents, according to the New York Daily News. The buildings, which Urban American paid $918 million for in 2007, contain roughly 4,000 tenants, many of whom say that new tenants paying higher rates get preferential treatment, while older residents are denied basic upkeep and maintenance on their homes. “The new tenants get new kitchen cabinets, granite countertops, wood floors… we get nothing new and maintenance keeps getting worse,” Hilary Saunders, a long-time resident at one such complex, said. “We’re tired of being treated like second-class citizens in our own building.” [NYDN]

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From left: Heritage on Fifth, 420 East 102nd Street, 1890-1894 Lexington Avenue, and 1982-1990 Lexington Avenue (Photo source for last three images: Property Shark)

One of the largest operators of affordable multi-family housing in Upper Manhattan and the boroughs is suing the city’s Department of Housing Preservation and Development for at least $4 million for lost income tied to deferred rent increases in subsidized housing vouchers at three apartment complexes in East Harlem. New Jersey-based Urban American Management, through its affiliate Putnam Holding, claims that the city agency breached a contract by delaying approval of rent increases for a special class of Section 8 subsidized housing vouchers in the three complexes. In addition, the petition filed in New York State Supreme Court Monday claims HPD bowed to pressure from the U.S. Department of Housing and Urban Development and revoked approved rent increases that were between 3 and 23 percent to the apartments with tenants holding enhanced Section 8 vouchers at the three complexes. [more]

Clockwise from left: Joseph Moinian, Sam Chandan, David Von Spreckelsen, Robert Levine, Jeffrey Levine and David Lowenfeld spoke at the New York Real Estate Summit yesterday.

Deep price drops and buyers bent on negotiation are trends in all of New York City’s boroughs, but residential developers say they are seeing distinct variations by neighborhood in the magnitude of price drops and the number of deals that make it to closing. “We have found a difference in neighborhoods in terms of closings,” said Robert Levine, president and CEO of RAL Companies & Affiliates, at a residential market panel at yesterday’s New York Real Estate Summit, hosted by The Real Deal columnist Michael Stoler. The Real Deal was a sponsor of the event. [more]