All Forum Posts by: Les Jean-Pierre

Thanks for the reply. We own a very small building and the coffee shop is a two person operation. My family was not in position to pay for the improvements. They are late with this month's rent. They paid last month's late. They have 4 years left on the term. I don't see them finishing it out. I am more concerned about the transition. Any suggestions?

Hi, my family owns a small mixed use building. Last year, we signed up a commercial tenant to rent out the space as a coffee shop. It is pretty clear to me that they won't last too much longer. They did a lot of upgrades on their own dime. I'm hopeful that they will invoke the good guy guarantee and walk away after paying off what they owe to us. Now, I am thinking of the transition. They didn't really give me a proper list of the "as builts". So, while I generally know of what they did, I don;t know the specifics. Outside of getting that, does anyone have any suggestions on how to handle the situation?

This is an example of what I am seeing. Across the street from my dad's building was a laundromat on a big lot. Someone bought it and created a 57 unit apartment building. It is modern etc. Now, with all these new residents, people need services. That puts an upward price pressure on commercial leases. So, all of a sudden you get old time stores that can't afford the rents when their leases run out. Or people want to open shops in up and coming areas. There is proposed legislation to impose rent control on commercial leases for small businesses. I doubt it will go anywhere but people are paying attention.

Affordable housing in NYC does not mean rent control only. It also comprises inclusionary housing. In East Bed Stuy and Harlem, it might have an effect but it has no effect on the person whose family has owned a place for 40 years and sells it. I think that is what John was talking about. The reality is that NYC is becoming a rich person's town. The financial crisis did not hurt the real estate market like Florida. Low rates and foreign investment made it attractive. So, if you are making 60k or less, you will have a problem living here in a few years. And the population is growing because people want to live here and it creates competition.

I didn't grow up there but went there a lot. There every two weeks. I guess in terms of "progress", is it better to see something other than bodegas, dollar stores, etc? It helps. But, I put this squarely on the city of ny for not building more affordable housing.

Ok, I have lived in Harlem for 17 years and am a landlord for my family's property in east Bed Stuy. My dad has owned it for almost 40 years. He was a doctor who served the community. I meet people all the time who have met him. I think the sad reality of NYC is that it has become an outrageously expensive place to live and is getting yuppified and losing some character. Having said that, I have seen many instances where people who have lived in the community for a long time or really their kids lose their homes for back taxes, don't take care of it or don't value it. I see it constantly. East Bed Stuy is changing daily. What are you supposed to do as a landlord? Not get market? I have a section 8 tenant that was good at first, now the market  has changed. I told her I have to raise the rent. Now she is late with rent. Oh, she has a BMW too(not to get into the welfare queen stereotype). I am going to have to kick her out. I get calls once a month asking to sell. I might at the right price. Neighborhoods change and serivces come in. I think  if people on the block get the market prices, it is ok. If not, hmm, can see your point. But, I have seen a lot of negligence too. Just saw a deal this week that was laughable how low the price was.

Great job!

you can go online to the DOS and do it. But, to know how to manage it, etc, you need to talk to a lawyer.

I have a section 8 tenant in Brooklyn. The good is the consistent payment by the government. But, the aid is lower now and likely will go way down due to budget cuts. The other issues are you can't likely increase your rent a lot, the inspections can bring up non existent issues. I would say do it if you are in a sketchy neighborhood. Pass if you are in a solid neighborhood. I am about to get out of the program.

I had a somewhat similar situation. My parents property had a unit that we put on the market. Tons of people saw it but no one good applied till the current tenant four years ago. She is a good tenant. Pays on time, keeps the place tidy, etc. Fast forward to last year and the East Bed Stuy Market has taken off. I told her I had to raise the rent. She initially understood then when I asked her when she was leaving, she went off. Called me every name in the book. I had to eventually give her a notice to vacate. Was it slightly uncomfortable? A little. But, what would she do if she was in my shoes? My situation is slightly different because the rent goes to my folks, but, that extra rent goes to upkeep, etc. I am not a slumlord and I maintain the property. That is not free. She complained when things were broken. You are not a sell out if you raise the rent or be a reasonable business person.