The Real Deal New York

Flatbush Gardens is a residential property, built in 1949-1950 on the site of the Flatbush Water Works in central Brooklyn. The site is bounded by Foster Avenue, Brooklyn Avenue, Newkirk Avenue, and Nostrand Avenue. The 59-building complex of 2,500 mostly rent-stabilized apartments used to be called Vanderveer Estates. Barbra Streisand lived at 3102 Newkirk Avenue as a teenager. In 2005, Clipper Equity, a Brooklyn-based, family-owned residential landlord and development firm, acquired the badly-run federal housing project with over 10,000 housing violation codes for $138.2 million from a California pension fund, which had in turn acquired it out of bankruptcy in 2003 for $87 million. The purchase landed Clipper Equity principal David Bistricer on Bill de Blasios list of Worst Landlords. Clipper fixed the elevators, front doors, and intercom system. But the firms plan to recast the complex as homes for young professionals priced out of Park Slope has run into the same challenges previous owners faced. Because of decades of neglect, the required upfront investment in repairs and maintenance has defeated a revolving door of landlords since the 1980s. In 2012, tenants banded together to sue. Complaints include leaks, broken ceilings, defective floors, mold, rats, mice, and cockroaches. Clipper owns Flatbush Gardens via Renaissance Equity Holdings. ¾-MK