Usually, tenants of rent-regulated buildings are united in their fears that a big developer will buy out their apartments and turn them into luxury condos. Not at 390 East Eighth Street. It's tenant vs. tenant at the rental building, which was designated low-income housing by a court agreement in the 1980s. About six of the building's tenants have filed a complaint with the state Attorney General's office, Crain's reports, alleging that Tower Brokerage is in the process of illegally purchasing the building, with plans to turn it into market-rate rentals or luxury condos. Not only that, but Tower is reportedly making the purchase from, uh, some of the other rental tenants, to whom Tower has offered $30 per square foot. Only building manager Asian Americans for Equality has the authority to sell, so it sounds like a few people are out of luck.
· Tenants fear unaffordable takeover on LES [Crain's]
?Building photo via PropertyShark.
UPDATE: Crain's updates its story to add that Tower Brokerage does have a condo conversion in mind, and that the tenants do actually manage the building.
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