Landlords slow East Harlem development by keeping apartments off the market

TRD New York /
Oct.October 31, 2011 10:21 AM

alternate
text
321 West 116th Street (credit Harlem + Bespoke)
Landlords of some East Harlem walkups are stifling a revival of population and development otherwise taking hold in the neighborhood. According to the New York Times, the area is overrun with vacant four- and five-story apartment buildings, whose owners are purposefully keeping the units off the market.

Some landlords are waiting for rents to increase to the point where it justifies rehabilitating dilapidated units and renting them out. Others are holding them in bulk in hopes of packaging them to a developer willing to pay millions for the land. Many of the units have been vacant since the 1970s and 1980s when low-income residents moved into the housing projects being developed by the city during that time.

City officials have met with some of the larger landlords in the neighborhood, including a real estate firm called Ross & Ross, in hopes of answering to local residents’ hopes that the city can spur development in the area. Three-quarters of all mostly vacant apartment buildings are north of 96th Street, according to a recent survey, and the apparent lack of tenants and care for these buildings have hindered improvement for the neighborhood, the Times said. [NYT]


Related Articles

arrow_forward_ios
Council member Laurie Cumbo  and a rendering of the Bedford-Union Armory (Getty; Bedford Armory)

Student suspended after blasting lawmaker’s pro-development stance

Student suspended after blasting lawmaker’s pro-development stance
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

Nightingale, Wafra seek $860M to redevelop 111 Wall Street

Nightingale, Wafra seek $860M to redevelop 111 Wall Street
Clockwise from left: 950 University Avenue in the Bronx, 27-55 Jackson Avenue in Queens, 149 Pioneer Street in Red Hook and 416 Metropolitan Avenue in Williamsburg (Google Maps)

EB-5 investor snags Hunters Point resi development: Mid-market sales report

EB-5 investor snags Hunters Point resi development: Mid-market sales report
Port Authority Bus Terminal and AECOM CEO Troy Rudd (Roger Rowlett via Wikipedia; AECOM)

“Worst place on earth” may be buried underground

“Worst place on earth” may be buried underground
From left: David Singelyn of Homes 4 Rent, Jacque Petroulakis of NextMetro, and Adam Adler of Global City (Photos via Nexmetro, Global City, Singelyn via Cal Poly Pomona)

Developers bet big on build-for-rent in these uncertain times

Developers bet big on build-for-rent in these uncertain times
New York City Council member Brad Lander (Getty)

Brad Lander calls for city to use land banks

Brad Lander calls for city to use land banks
2870 Ocean Avenue in Brooklyn (Google Maps)

Chetrit firm pays $119 psf for Sheepshead Bay site

Chetrit firm pays $119 psf for Sheepshead Bay site
HFZ Capital chairman Ziel Feldman and the XI sales gallery at 25-27 Little West 12th Street (Photos via Owen Hoffmann/Patrick McMullan via Getty Images; Craig Barritt/Getty Images for XI Gallery)

HFZ extends XI sales gallery lease, ending lawsuit

HFZ extends XI sales gallery lease, ending lawsuit
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...