Tenants sue Ponte Equities over state of Tribeca building

New York /
Jul.July 30, 2013 09:00 AM

Residents of a rent-stabilized Tribeca building have sued landlord Ponte Equities for failing to administer appropriate repairs following Hurricane Sandy, the New York Times reported.

The storm sent 28 inches of water into the ground floor of the building, located at 31 Desbrosses Street in Tribeca. The city’s Department of Buildings deemed the property unsafe – on account of both regular wear-and-tear as well as storm damage — and placed a red sticker on it, one of only eight buildings in Manhattan that currently have this marker.

The landlord has argued that repairs would cost more than the six-story building is worth, while the tenants have moved to force repairs so they can move back in.

An appraiser recently found the value of the building to be $3 million based on comparable sales, Jeffrey Ween, a lawyer representing the tenants, told the Times. But court documents filed by Ponte Equities cite a 2009 city valuation of $324,000.

“They have used Sandy as an excuse,” Ween said. “For a couple of years now, they’ve tried to take advantage of whatever they could in the hopes that people would either have to suffer through it or leave.”

Representatives for Ponte Equities did not respond to the Times’ requests for comment.

A fortnight ago, a lawyer for Ponte Equities hinted at possible development plans for the block on which the building stands, according to the Times. The Pontes have recently shown a willingness to develop their large portfolio in the area, as The Real Deal reported. [NYT]  – Hiten Samtani


Related Articles

arrow_forward_ios
From left: Joseph Strasburg, Jay Martin, and Jim Whelan (Getty)
Real estate’s wish list: Industry’s priorities for 2023
Real estate’s wish list: Industry’s priorities for 2023
Equity Apartments' Sam Zell and 155 Washington St Ste A in Jersey City (Equity Apartments, 
Getty)
Sam Zell’s hard lesson about Jersey City rent control
Sam Zell’s hard lesson about Jersey City rent control
From left: Landlord attorney Sherwin Belkin and Housing Rights Initiative executive director Aaron Carr (Getty, NYC Department of Finance, Housing Rights Initiative)
Tenants predict wins in 421a overcharge suits. Landlords beg to differ
Tenants predict wins in 421a overcharge suits. Landlords beg to differ
Attorney General Letitia James (Illustration by Kevin Rebong for The Real Deal)
For rent law cheaters, the ultimate punishment: Endless stabilization
For rent law cheaters, the ultimate punishment: Endless stabilization
Attorney General Letitia James (Getty)
AG nails landlord for breaking rent law, promises more to come
AG nails landlord for breaking rent law, promises more to come
CHIP executive director Jay Martin (LinkedIn, iStock / Photo illustration by Priyanka Modi)
Landlords called it: Vacancy rate jumps, rent-stabilization stays
Landlords called it: Vacancy rate jumps, rent-stabilization stays
Landlord who created fake tenants will repay real ones but avoid fines
Landlord who created fake tenants will repay real ones but avoid fines
Landlord who created fake tenants will repay real ones but avoid fines
Housing Justice for All’s Cea Weaver and Rent Stabilization Association’s Joseph Strasburg (Illustration by Ilya Hourie for The Real Deal)
The benefits and costs of “good cause” eviction
The benefits and costs of “good cause” eviction
arrow_forward_ios

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

Loading...