Tenants to rally against Fannie Mae

TRD New York /
May.May 28, 2009 02:16 PM

Tenants of five
Urban America Management buildings in
Manhattan and Roosevelt Island will rally in Harlem today against
mortgage giant Fannie Mae, arguing that it has a duty to make sure the
buildings it owns loans on do not fall into states of disrepair. The
buildings, which were originally purchased by Cammeby’s International
for $295
million in 2005, were flipped to Urban America in 2007 for
million. Government sponsored mortgage giant Fannie Mae owns the $700
million loan
for the buildings. Since the flip, tenants claim that the buildings
have fallen
into a state of disrepair and there has been a steady decline in
services and
maintenance. Many fear that these buildings will see the same fate of
Ocelot buildings in the Bronx, another portfolio of Fannie Mae’s whose
loan was sold to Deutsche Bank after conditions became so bad that
eight of the
properties are now included in a list of the 200 worst offenders in
terms of
code violations in New York City.

Related Articles

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Cammeby’s secures $58M loan for 9-story LES resi building

Cammeby’s secures $58M loan for 9-story LES resi building

Cammeby’s taps Suffolk Construction for Coney Island’s tallest tower

Cammeby’s taps Suffolk Construction for Coney Island’s tallest tower

Clockwise from the top left: Jackson Park at 28-40 Jackson Avenue, 240 Willoughby Street in Fort Greene, 664 Pacific Street in Brooklyn, and 247 Metropolitan Avenue in Williamsburg (Credit: StreetEasy, Google Maps, Pacific Park Brooklyn, The Pod Hotel)

These were the top 10 outer-borough loans last month

1735 York Avenue and Bonjour Capital's Charles Dayan (Credit: Google Maps)

Dayan’s Bonjour Capital inks $115M refi for Upper East Side building

FHFA director Mark Calabria is ready to set Fannie and Freddie free, while Wall Street worries about potential risks.

Wall Street warns against privatizing Fannie and Freddie without Congress guarantee

FHFA director Mark Calabria (Credit: Federal Housing Finance Agency and Getty Images)

Trump official to pressure Congress to privatize Freddie and Fannie

FHFA director Mark Calabria (Credit: Federal Housing Finance Agency and iStock)

Trump’s move to take Fannie and Freddie private could mean higher mortgage costs