Multifamily
New York

After $71M building purchase, Naftali tells tenants to scram

Occupant says firm issued non-renewal notices

215 West 84th Street and Naftali Group CEO Miki Naftali (Google Maps, Getty)

215 West 84th Street and Naftali Group CEO Miki Naftali (Google Maps, Getty)

The new owner of 215 West 84th Street wants tenants out when their leases expire.

Naftali Group purchased the building last week for $71 million. The property has 128 units and spans 100,000 square feet.

The firm warned residents they would face eviction if they don’t vacate once their leases are up, one tenant told the Commercial Observer.

The tenant, Candice Solomon, said that when she tried to introduce herself to new management, a property manager from Choice New York Companies told her that he sent a 60-day notice asking her to leave by Aug. 11. Choice New York Companies did not immediately respond to requests to comment.

With the lease for her $3,450-per-month duplex ending July 31, she said finding a new home on such short notice would be difficult.

“I’m worried they’re going to lock my apartment and throw all my stuff on the street,” said Solomon, who has lived in the building for more than a decade. “I’m afraid to leave the building until our lease is up. That’s how scared I am.”

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The previous owner of the building, Eagle Court, warned Solomon that Naftali Group would not renew leases, though it is unclear what the firm plans to do with the property. One strategy is to clear out and upgrade apartments, then raise the rent. Tenants in market-rate apartments are not entitled to lease renewals.

City records indicate that some units in the building are rent-stabilized, according to Commercial Observer. Those tenants would be guaranteed the opportunity to renew their leases, but because of the 2019 rent law, those apartments are no longer subject to a 20 percent rent increase upon vacancy or luxury decontrol.

[CO] — Cordilia James

COMPANIES AND PEOPLE

Tags
Multifamily
New York

After $71M building purchase, Naftali tells tenants to scram

Occupant says firm issued non-renewal notices

215 West 84th Street and Naftali Group CEO Miki Naftali (Google Maps, Getty)

215 West 84th Street and Naftali Group CEO Miki Naftali (Google Maps, Getty)

The new owner of 215 West 84th Street wants tenants out when their leases expire.

Naftali Group purchased the building last week for $71 million. The property has 128 units and spans 100,000 square feet.

The firm warned residents they would face eviction if they don’t vacate once their leases are up, one tenant told the Commercial Observer.

The tenant, Candice Solomon, said that when she tried to introduce herself to new management, a property manager from Choice New York Companies told her that he sent a 60-day notice asking her to leave by Aug. 11. Choice New York Companies did not immediately respond to requests to comment.

With the lease for her $3,450-per-month duplex ending July 31, she said finding a new home on such short notice would be difficult.

“I’m worried they’re going to lock my apartment and throw all my stuff on the street,” said Solomon, who has lived in the building for more than a decade. “I’m afraid to leave the building until our lease is up. That’s how scared I am.”

Read more

The previous owner of the building, Eagle Court, warned Solomon that Naftali Group would not renew leases, though it is unclear what the firm plans to do with the property. One strategy is to clear out and upgrade apartments, then raise the rent. Tenants in market-rate apartments are not entitled to lease renewals.

City records indicate that some units in the building are rent-stabilized, according to Commercial Observer. Those tenants would be guaranteed the opportunity to renew their leases, but because of the 2019 rent law, those apartments are no longer subject to a 20 percent rent increase upon vacancy or luxury decontrol.

[CO] — Cordilia James

COMPANIES AND PEOPLE

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