Vantage’s purchase of Queens apartments stirs fears

Tenants and housing advocates are worried about the $300 million sale of 50 Queens apartment buildings to Vantage Properties and Apollo Real Estate Advisors, a deal first reported by The Real Deal. Most of the portfolio’s 1,969 apartments are rent-stabilized. Benjamin Dulchin of the Association for Neighborhood and Housing Development said Vantage has a track record of evicting rent-stabilized tenants. Vantage CEO Neil Rubler said Vantage is “dedicated to protecting and upholding the rights of our residents,” but takes action against residents who exploit the rent-stabilization code. Rubler said many of the buildings need repair, and Vantage would provide a “first-class housing product.”