–Inside the, “Destroy-It-to-Save-It” Plan for East River Park. A lengthy piece originally published in New York Magazine about the controversial resiliency scheme along the East River. [Curbed] –The team behind a plan for a floating pool in the East River, near Pier 35, announces it finally has city approval. [6sqft] –During the pandemic, advocates with […]
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The company also will need to register almost 200 of the units with the state Division of Housing and Community Renewal at or below a monthly rent of $2,000. Around 50 of them will be registered at or below $1,000 per month.
James’ first investigation into Toledano began after the state’s Tenant Protection Unit began receiving numerous complaints from tenants and community members about unsafe construction practices and harassment.
The investigation found that Toledano designed renovations in the buildings, which included mostly rent-stabilized apartments, to increase rents above the threshold needed to remove apartments from rent control. Madison knew about his illegal plans, James said, but loaned him more than $120 million to buy the properties anyway.
“Today’s agreement stands up for all the tenants harassed and pushed out of their homes by a fraudulent landlord and the lender that financed his unlawful operation,” James said. “Madison Realty Capital aided one of our city’s worst landlords in his unlawful scheme, but we’re holding the company to account and delivering real relief to the many victims through rent credits and housing placement.
The agreement requires Madison to take ownership of the portfolio, which filed for bankruptcy in March 2017.
In addition to the credits and housing placements, the investment firm will also need to register almost 200 of the 280 apartments in the portfolio with the state Division of Housing and Community Renewal at or below a rent of $2,000 per month. Around 50 of those will be registered at or below $1,000 per month.