Word: tenants
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Those packaging these investments say they regarded them as aboveboard, though their defense is less than robust. Key players included leading banks in tandem with some of the biggest names in real estate and private equity, none of whom would have missed that high tenant turnover was the main motor for profits. "We truly went into this trying to turn housing that was run very, very poorly by slumlords into affordable working-class housing, and to be portrayed like this is somewhat upsetting, to be quite frank," says Richard Mack, who works at AREA Property Partners, a $9 billion partnership...
...Tenants pried from their homes would see it differently. In a typical Queens building, hired legal guns were able to achieve 23% turnover in the first year of new owners, or about double that of a typical building in Manhattan, where the culture of tenant rights is stronger, according to a new study by affordable-housing advocates, the Association for Neighborhood and Housing Development. The study focused on New York City, where Wall Street money made the most inroads - capturing about 100,000 units (out of the city's 2.5 million), or about 10% of the city's rent-regulated...
...helps to have something there than nothing at all, of course,” Pedro says. “I also think it’s very smart of them to display an example of what they want to see in a tenant...
...retrospective runs through April 2010. Meanwhile, Poorvu is still seeking a permanent tenant. Sensitive to the original design concepts and ambitions espoused by the Thompsons and D/R, Poorvu has had difficulty finding an appropriate occupant to replace Crate and Barrel...
...want an exciting tenant who will use the building properly,” he says...