It is tempting to jump to the conclusion that the 94 year old landlord is not just a horrible landlord, but also horrible person.
...but I think we need to put some thought into the state of this building first:
1. It is inhabited by tenants who are barely able to pay a very low rent. They can not be evicted due to rent stabilization laws. Lawyers wait to pounce on landlords who try to force them out, because the legal fees and penalties are real.
2. It is in a state of disrepair. The building sounds as if it has its original electrical, plumbing and heating infrastructure.
When these are combined, the building has a very low value to potential investors. Even if a sale is made, the first step of the new buyer is often to give the tenants "voluntary" payouts to leave.
...these payouts allow the new buyer to empty the building. The building is then either sold to another entity and renovated, or simply renovated.
Afterword, "New tenants" fill the "new building". As Homeowner hints, the "old tenants" go to very low income neighborhoods, and their payouts don't last very long.
Less horrible?
One thing is certain: Regardless of what type of landlord you are, you do not want to invest money in a building occupied by people who will never allow you to recoup your investment.
Other things are less certain: What did the landlord do with his revenue from this building for decades? Why didn't he invest any of the revenue in repairs and maintenance, so he could constantly improve his tenant base as he improved his building?
P.S. Anyone actually believe the landlord is getting rich in this present scenario?
For better or worse, the change on Nostrand is going to make the change on Franklin look minor.