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Rent Wars Redux

Felix Salmon has a few concerns about this morning's Times analysis of the rent fight at 55 and 61 Delancey Street. To summarize: "Let’s say that Madison took out an 80% mortgage at 5% interest: then its annual interest payments would be about $800,000. Add on a couple of hundred thousand dollars in management costs, and you’re still talking about costs in the $1 million range for the two buildings?.And frankly it’s pretty silly to think that Madison wants to tear down two perfectly good old tenements and replace them with glass condos?especially since it would be much easier and cheaper to take the existing buildings and convert them to condos over time." [Reuters; previously]