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Wash. Heights Tenants Wonder: Is the Problem the Leak, or the Landlord?

3 Comments

  • Brooklyn Sandy
    Posted August 20, 2018 at 1:05 pm

    Let me refer you to this Village Voice story from 3/27/18:https://www.villagevoice.com/2018/03/27/a-brooklyn-landlord-is-suing-to-block-apartment-inspections
    Excerpts:
    “The company, founded in 1980, has expanded its holdings significantly over the past several years. In 2015, Shamah bought eight buildings in Washington Heights for $44 million, twice what previous owner Jared Kushner had sold them for two years prior. Last September, it bought 560-562 West 174th Street for $11.6 million, a more than 80 percent increase over what the previous owner paid in 2014. The Real Deal described Shamah Properties as “looking for rent-stabilized buildings with potential upside that can be opened up through renovations.” Shamah and its subsidiaries now own about twenty buildings in Brooklyn, mostly in Flatbush; several in upper Manhattan; and three large buildings in East Orange, New Jersey, according to company CEO Alan Shamah.

    Flatbush Tenant Coalition organizer Aga Trojniak calls buying buildings at those prices “classic predatory-equity red flags” — the business model where real estate investors buy properties at inflated prices, with plans to turn a profit by driving out rent-stabilized tenants and replacing them with market-rate renters. (Shamco Management’s website offers “aggressive marketing of vacancies” and “overseeing eviction proceedings” among its services.)

    • John T Maher
      Posted August 25, 2019 at 3:22 pm

      Brooklyn Sandy is the best

  • Danny
    Posted July 28, 2019 at 5:20 pm

    I wish this was one of the first Google results for Shamco. I lived in this building, and the ceiling poured every time it rained…we couldn’t keep furniture in the living room…and we were on the 2nd floor out of 6! To make things worse, every time it rained we got a rash of flies and mice. This happened for two months before we moved out, with apparently no action taken by the landlord (and the super claimed contractors were supposed to come but never did).

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