Real Estate: The Week in Review
Konrad Fiedler / Konrad Fiedler/New York Sun
Renwick Ruins on the Southern part of Roosevelt Island. 632008
1. Rent-Stabilized Building to Be a Mansion
The owners of a 15-unit rent-stabilized apartment building can remove tenants and convert it into a single-family home for their personal use, the state Court of Appeals ruled, overturning a decision by the state Supreme Court. Catherine and Alistair Economakis, represented by the law firm Rosenberg & Estis, can transform the five-story apartment building at 47 E. 3rd St. into a home as long as they occupy it themselves, the court said this week.
2. New Tenant for Freedom Tower
A Chinese real estate development firm with strong ties to the Chinese government has signed a term sheet to occupy five floors of the Freedom Tower, The New York Sun reported. The China Center New York — a subsidiary of Vantone, one of China's largest real estate development companies — signed a term sheet to lease five and a half floors in the Freedom Tower, according to the Port Authority.
3. UNDC Balks at Paying Taxes
An audit by Comptroller William Thompson Jr. showed that the United Nations Development Corp. failed to pay the city more than $12 million in back rent. Between January 2005 and December 2006, the UNDC ran at an annual surplus of $12 million, which should have been paid to the city. The UNDC did pay back $6 million to the city's Economic Development Corp., but it is refusing to pay the rest.
4. Housing Slump Leads to Discounts
An 8% to 10% decline in rental rates will give apartment hunters the upper hand over landlords and brokers this summer, the New York Post reported. The summer usually sees an increase in prices for rentals, as college graduates flood the city. This year, the shrinking job market has contributed not only to a smaller pool of interested renters, but bigger discounts on apartments as landlords seek to stay competitive.
