When British equity firm Dawnay, Day bought a portfolio of 47 East Harlem apartment buildings in 2007 (the company's only U.S. investment), it boasted that it would buy out the rent-stabilized tenants and jack up rents. Tenants claimed harassment and denial of services, and filed a lawsuit against the firm. But wouldn't you know it, the over-leveraged Dawnay, Day collapsed, and now its holdings are for sale. Tenants held a march to celebrate, but final bids on the properties were due last week, so a new corporate overlord will soon take over. [Indypendent via NYC the Blog]
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