100 Clark Street Hits the Market
It’s been a while since we’ve heard any news from 100 Clark Street, the building at the corner of Monroe Place that owner Penson Companies let deteriorate until DOB ordered a partial emergency demolition on Memorial Day Weekend 2008 because conditions had become “imminently perilous” at the site. The prevailing theory at the time was…
It’s been a while since we’ve heard any news from 100 Clark Street, the building at the corner of Monroe Place that owner Penson Companies let deteriorate until DOB ordered a partial emergency demolition on Memorial Day Weekend 2008 because conditions had become “imminently perilous” at the site. The prevailing theory at the time was that it was all part of a grand plan to rid the building of its three pesky rent stabilized tenants who were paying a combined total of $1,742 per month in rent. The new listing from Stephen Palmese at Massey Knakal notes that the three tenants still retain occupancy rights but that preliminary settlement papers have been drafted. The total buildable square footage is also given as 7,976, along with a disclaimer which probably has something to do with the fact that the building was overbuilt by more than 1,200 square feet before it was torn down and it may not be crystal clear what size it could be rebuilt to. The rendering, at right, gives some sense of what might be possible though. There’s no asking price, just a request for bids. This’ll be interesting.
100 Clark Place Listing [Massey Knakal] GMAP
What’s Up at 100 Clark Street? [Brownstoner]
Emergency Repair at 100 Clark While Court Fight Continues [Brownstoner]
Emergency Demo at 100 Clark Clears Tenants [Brownstoner]
‘Dereliction of Duty’ in Brooklyn Heights [Brownstoner]
I agree with donatella’s 11:07 post.
While paying cheap rent seems great, some otherwise reasonable people get wrapped up in a sort of prisoner mentality and hunker down in ugly, increasingly decrepit apartments even though they could and should be living much better. They miss the opportunity in their youth to buy and invest in real estate and at a certain point the prisoner mentality becomes a self-fulfilling prohpecy and they truly become prisoners. It is a peculiar predicament that I find sad.
The three tenants in this building were just trying to make a killing, but they overplayed their hand and were evicted by the DOB and given five minutes to vacate. This was not good for anyone, especially the community.
Does anyone remember back in the 1960’s and 1970’s when gorgeous apartment buildings on the Upper West Side were either converted to SRO’s or left to rot? Could it have something to do with the tenants not paying much more than their 1947 rent, when RC was codified?
Some data to lend a little perspective to the discussion.
According to the RGB 2008 Housing Supply report:
Renters:
Rent Control = 43,317
Rent Stabilized = 943,677
Other regulated = 308,007
Unregulated Free Market Rent = 697,363
Owners:
Conventional Homes = 646,526
Co-op = 309,195
Condo = 76,060
No Lechacal, never went there. There are a lot of places which I wanted to go to but never did — neighboring Lawrence is a place I should have visited…. Have fun at the Liberty Memorial..
lechacal, open thread is up. See below.
Jackal. The OT is there right below the new Tweets section.
Consider the wisdom of the following:
A welfare system in which once you start getting a welfare check it can never be taken away again. Not only do you get it for the rest of your life, you can pass it on to your kids. No matter how rich and undeserving of welfare you become.
There is no compromise on this. It is just wrong. Rent control is wrong and needs to stop.
“Jealousy is a Disease.” Meghan from VH1’s Charm School
*rob*
Donatella, did you ever go to the Liberty Memorial? I’m going today.
WHERE IS THE BLOODY OPEN THREAD?