Monday Bulletin: Real Estate Bankruptcy, Eviction Ban, City Diner Gets a Shoutout


Putting 2020 where it belongs. On 77th between Columbus and Amsterdam. Photo by Douglas.

January 4, 2021 Weather: Cloudy, with a high of 43 degrees.

Notices:
Our calendar has local and virtual events.

Candidates for Manhattan District Attorney will speak at online forum on Tuesday. Register for the Zoom here.

Via Gale Brewer: Moving for Life offers daily online dance and movement classes for older adults and people affected by cancer. See the schedule here.

News:
A real estate firm that owns several Upper West Side buildings has filed for bankruptcy protection, Crain’s reported. “Buildings controlled by Emerald Equity Group owe $203 million to LoanCore Capital, stemming from debts tied to properties on East 117th Street and West 107th Street, Dec. 28 bankruptcy filings show…Emerald bought the 107th Street properties in 2016 with the intention of converting them into condominiums, while the 117th Street properties were acquired in March 2018 with a plan to raise rents, according to a bankruptcy disclosure statement. The “well laid” plans were “stymied” by New York state’s 2019 rent reforms, the company said.”

The state passed a law banning evictions for most people for at least two more months, though advocates worry what happens in the spring, the Times reported. “The eviction moratorium will push some of those problems into the spring, when the pandemic is expected to recede as the pace of vaccinations increases. Many eviction proceedings will start up again on May 1, just weeks before the mayoral primary, one of the most consequential elections for New York City in memory.”

City Diner on 90th and Broadway made Eater’s list of restaurants where New Yorkers found solace in 2020. “Our first family outdoor dining experience was at City Diner on the Upper West Side. Since my kids were little, we’ve gone every Saturday for brunch after Chinese school, often bumping into friends and neighbors,” said Joanne Kwong, president of NYC institution Pearl River Mart and Pearl River Mart Foods.

NEWS | 10 comments | permalink
    1. Sarah says:

      “The “well laid” plans were “stymied” by New York state’s 2019 rent reforms, the company said.”

      In other words, they based their financing on being able to harass the rent-stabilized tenants out of their homes and when they couldn’t get away with that anymore, they knew they wouldn’t be able to make the payments anymore. SUCH a pity.

      (Before anyone gets ridiculous, the rent rolls are known before purchase, so for the rent reform to make them go bankrupt means they ASSUMED they could kick stabilized tenants out.)

    2. Mark Moore says:

      Boohoo for Emerald Equity Group and its well laid plan to buy up properties and raise the rents. Private equity strikes again.

    3. Back to the future says:

      LOL It’s just the beginning folks stick around more to come, A lot more to come.
      It’s back to the 60s abandoned buildings!

    4. Trudy Robbins says:

      Yay City Diner. We have eaten there for years and love the food and wonderful staff. It is a great neighborhood establishment and we need to do all we can to keep it in operation. Just had breakfast from there today. Yummy.

    5. Long time UWSer says:

      Unfortunately, while evictions have been put on halt and many tenants are not paying rent, the city is still requiring landlords to pay sky high income taxes which have increased dramatically over the years. Repairs and costs of services such as electricity and superintendant services have also skyrocketed. Many small landlords who have good relationships with their tenants are struggling to pay their own bills while still trying to maintain their properties.
      Some landlords are trying to sell with no luck. Prices are down but the reputation of the neighborhood has taken a hit and the tax rates, red tape and rent laws have even made this a difficult alternative.We are moving backwards to the70s Wild Wild West.
      I do hope we do not see abandoned buildings,