[Photo courtesy of nyc-architcture.com]
Remember Manhattan House, the 583-unit white brick building that covers an entire block on E. 66th St. between Second and Third Avenues? It was sold last year for $625 million (or $1.072M per apartment) and, now, tenants are fighting "the biggest condo conversion in US history." City Limits dishes out a lot of detail about the battle, including word the owners are "trying to empty the building through a variety of unpleasant tactics to make way for wealthier outside investors."
An omen of smackdowns to come with other big rental complexes that have been sold? Who knows, but the article points out there are 700 buildings pending condo conversions in Manhattan. Manhattan House tenants are fighting on the basis of violations of the Martin Act, which governs condo conversions, to force the new owners to lower the rent and purchase prices. The battle even has its own blog, 200east66thstreet. About 250 apartments are still rent-stabilized.
· Tenants Seize on State Law to Soften Condo Conversion [City Limits]
· Curbed Wire: Pimp This Ride [Curbed]