Real Estate Buy-up?

jimulacrum

Hey hey everyone.

I found a photocopy of a note that looks exactly like this one folded up on top of the mailboxes in my building today:

http://curbed.com/archives/2008/10/15/on_second_thought_foreigners_just_as_eager_to_buy_as_ever.php

I live right near the Pratt architecture building in Clinton Hill. I found out through curbed.com that this note was also found in people's buildings in different parts of Manhattan in 2008 and 2009.

I find it a little disconcerting that a group of foreign investors is apparently trying to scoop up real estate after the big housing bubble just burst and drove prices down. I suppose it's expected, but I'll be mighty pissed if some scumbag tries to boot me from my rent-stablized spot.

And if that's not the case, then this is some kind of scam. That would be a little less worrisome, but still not welcome.

If anyone knows anything about this Menachem fellow or the group of foreign investors he supposedly represents, please do tell. Thanks.

flux

They buy buildings that have 6 or more apartments. They invest 2k per apt and show fake receipts for 25k. Then they raise the rent to market value

flux

They buy buildings that have 6 or more apartments. They invest 2k per apt and show fake receipts for 25k. Then they raise the rent to market value

jimulacrum

Do they tend to have a lot of success with this ham-handed approach? I'm tempted to call the phone number on the note and tell this guy to stay the fuck out of Clinton Hill. I'll almost certainly tell him off if I catch him leaving another note over here.

jimulacrum

Do they tend to have a lot of success with this ham-handed approach? I'm tempted to call the phone number on the note and tell this guy to stay the fuck out of Clinton Hill. I'll almost certainly tell him off if I catch him leaving another note over here.

flux

That depends on wether your landlord sales the place. Then they will try to max the income. If the apartments have new kitchens and bathrooms, they won't succeed. They have had some success in the past. They tasted blood and want more

hitokiri

its so easy to fax invoices its rediculous...but if you hound the DHCR to check up on everything (like, look at the building before and after work) they will be able to keep them in check... tthats if you know they bought a place.

good luck with all of that.