Here’s what Joseph Betesh is paying his tenants in settlement

Building repairs at 85 Bowery now set to be finished by the end of August

TRD New York /
Jul.July 13, 2018 10:00 AM

85 Bowery (Credit: Google Maps)

Tenants at 85 Bowery have reached an agreement to return to their building roughly six months after getting the boot.

At least 75 residents of the Chinatown property were forced out in January after the Department of Buildings found that the staircases were unstable, according to The Lo-Down. Their return was delayed later when officials found that the building had additional structural issues and asbestos.

The fight for tenants to return has been ugly, including multiple protests and hunger strikes, but both sides have now reached an agreement under which all repairs are set to be done by the end of August.

Betesh also agreed in the settlement that the apartments are rent stabilized, and he will pay $150 per apartment per day if work is not done by the end of August. He must also pay $25,000 per apartment and a lump sum of $200,000 to cover personal property claims, and the city has to approve all of the work before residents can move back. [The Lo-Down] – Eddie Small

Related Articles

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

The Daily Digest - Tuesday

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily digest

LeBron wanted it and California’s governor signed it. What the college athlete compensation law means to real estate

Racial inequality in homeownership across US is sharpest in New York: report

Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind
LLCs anymore