Loading...
Loading...
Saga of 109 East Ninth Street offers lessons for everyone
By Erik Engquist — The Real Deal
Daily Dirt column previewing the upcoming investigation, noting that the saga touches on many of the problems facing real estate in the city: bureaucratic agencies, conniving tenants, meddlesome advocacy groups, tenant-sympathizing journalists, impulsive elected officials and counterproductive regulations.
"The saga of 109 East Ninth Street touches on many of the problems facing real estate in the city: bureaucratic agencies, conniving tenants, meddlesome advocacy groups, tenant-sympathizing journalists, impulsive elected officials and counterproductive regulations."
Erik Engquist's Daily Dirt column previewed his upcoming investigation into 109 East 9th Street after being contacted by the building's frustrated owner, Michael Geylik.
The column identifies two clear takeaways:
First, if you want an office, lease one or buy a commercial condo. The headaches of being an SRO landlord are immense — Geylik spent $60,000 on legal fees in May alone.
Second, if problems crop up, get everyone in a room before the whole thing turns into an ungodly mess that costs everyone involved.
"So many problems could have been avoided had the electeds talked to Geylik before firing off a letter to HPD. He isn't hard to find — his office is on the ground floor."