Ridgewood building residents fight foreclosure proceedings

Tenants request more than $1 million in city incentives, loans, tax breaks to tackle repairs

New York /
May.May 13, 2014 08:30 AM

Tenants living in 36 rent-regulated units in six buildings in Ridgewood, Queens are fighting to retake their home from private equity firm Stabilis Capital.

The properties, located at 1821 And 1896 Cornelia Street, 1726, 1673 and 1675 Woodbine Street and 18-14 Linden Street have appealed to the city to back them up on charges that Stabilis has allowed the buildings to fall into disrepair.

“We don’t have locks on the doors, no bells that work, and any fixing we have to do on our own,” Denise Serrano, tenant leader of one of the six buildings, told the New York Daily News. “Everything is cracking, and the heat and hot water, sometimes, so that gets turned off.”

Stabilis is attempting to acquire the properties through foreclosure proceedings, a process the original landlord Steven Kates has been fighting in court for over six years, according to the Daily News. The tenants, meanwhile, are requesting more than $1 million in incentives, loans and tax breaks the city offers via affordable housing, so that they can undertake much-needed improvements.

While Stabilis does not yet own the buildings, residents fear the company will eventually get it and flip the properties for profit.

“Stabilis has funded hundreds of thousands of dollars of its own funds to address repairs and maintenance,” Konstantin Shishkin, a spokesperson for the private equity firm, told the Daily News. “(We) would be open to receiving and responding to any legitimate offers.” [NYDN]Julie Strickland


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)
Nonprofit plans affordable housing development near Essex Crossing
Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
East Hampton Town Supervisor Peter Van Scoyoc and 395 Pantigo Road in East Hampton (EHamptonNY.gov, Zillow, iStock)
East Hampton Town officials vow affordable housing action
East Hampton Town officials vow affordable housing action
Donald Capoccia, managing principal, BFC Partners along with a rendering of 475 Bay Street in Stapleton, Staten Island (BFC Partners/Photo Illustration by Steven Dilakian for The Real Deal)
BFC Partners closes on Staten Island dev site
BFC Partners closes on Staten Island dev site
Tech firms’ housing pledges coming up short
Tech firms’ housing pledges coming up short
Tech firms’ housing pledges coming up short
The housing portfolio with LIHC’s Andrew Gendron and Camber Property Group's Rick Gropper (LIHC Investment Group, CamberPG.com)
Investors nab East Harlem affordable housing portfolio for $68M
Investors nab East Harlem affordable housing portfolio for $68M
NYCHA closed on $1.4B for housing rehab projects with private partners
NYCHA closed on $1.4B for housing rehab projects with private partners
NYCHA closed on $1.4B for housing rehab projects with private partners
Boston mayor Michelle Wu (Getty)
Boston Mayor Michelle Wu wants to revamp city’s approach to affordable housing
Boston Mayor Michelle Wu wants to revamp city’s approach to affordable housing
arrow_forward_ios

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

Loading...