I know a landlord of a 10-unit walk-up on the Upper West Side who learned that his $300/mo rent-controlled tenant was actually primarily living on his 90 acre estate in the Catskills. This tenant wanted $1 million to hand over the keys to this rent-controlled apartment. The landlord spent three years in the court system, demanded a jury trial, and won a 6-0 verdict last year.

Such abuse is rampant, and wins like the above are very rare, and can take upwards of three years (and mucho in legal fees) even when successful.

Rent regulation breeds corruption, clogs courts, and drains otherwise productive humans.

Posted by: gsnyder at February 12, 2009 4:43 PM in response to Speaker Quinn Bears Bad News for Real Estate Crowd

I work with the building's owner (sponsor), and thought I'd respond to some comments here, as well as add my own:

1) Thanks for the various complements. Great care was taken during planning and renovations to retain as much original detail and woodwork as possible.

2) The garden level floor is, in fact, partially underground, but this space is unlike any partially underground space you've seen: 10-foot ceilings, big side windows with plenty of light, exposed brick and wainscotting (see the photo of the family room on nytimes.com). The low psf ($648) does reflect this. It also reflects current economic conditions, and are priced to sell (a year ago these duplex prices would've started with a "2").

3) The patios are 200 sf (10 x 20) of bluestone surfacing and brick perimeter planters with installed sprinkler system.

4) Five units are indeed rent-stabilized. Because negotiations are ongoing regarding insider rights to buy and buyouts, I won't say much more, but the rents aren't terribly below-market. These tenants simply are nice old-timers adverse to change.

5) The front landscaping is not yet complete, and fence/gate will be installed.

6) A floorplan has been added to nytimes.com, and the 2nd floor apartment price has been reduced to $1.249m.

7) I've seen hundreds of Park Slope properties in the past few years, and I've never seen a kitchen that compares with these. And if there's a better value being offered for family-sized apartment condos in The Slope, I'd sure like to know about it.

8) There is a window of opportunity to deal directly with the owner and eliminate the middle-man before these get handed off to the brokerage community (gasp!).

Gary

Posted by: gsnyder at December 4, 2008 12:15 PM in response to 392 3rd Street Goes Condo