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Every month, Langsam Property Services collects dozens of rent checks from two buildings it manages in The Bronx.
But the management firm says that’s not enough to cover the mortgage and operating expenses. So every month, the buildings’ owner sends another check — for at least $30,000, just to meet the mortgage.
“And this has been going on for two years,” says Matthew Engel, president of the company which has 10,000 apartments in its portfolio, most of which are rent regulated and in The Bronx.
He’s not the owner of rent-regulated buildings who says that the numbers don’t add up — and who are worried about what a new mayor might do.
A four-year rent freeze — like the one promised by mayoral candidate Assemblymember Zohran Mamdani — could result in the kind of abandonment that happened in the 1970s, warn landlords, nonprofit housing groups and experts who study housing in the city.
“I think a lot of people just think that these are private building owners, and they have to figure it out, and the tenants can’t afford to pay the rent anyway,” says Rafael Cestero, chief executive of the nonprofit Community Preservation Corporation, which finances affordable housing and manages a large portfolio of loans to rent-regulated buildings.
“Because this building stock is largely older and has significant physical needs to begin with, starving them of resources to make those repairs is only going to send them into deep physical distress.”
At issue are buildings built before 1974 where at least 75% of the units are regulated.
A conservative estimate puts the number of apartments in such buildings at 400,000. And for half of those, the average monthly rent is below $1,200 — or too low to cover the costs, according to an analysis by the Furman Center.
“The Bronx has the highest proportion of these buildings and the rents are not high enough to cover expenses, but buildings like this exist throughout the city,” said Mark Willis, who conducted the study.
Read more here about the landlords who say they can’t afford to improve older buildings.
Weather ☀️
Mostly sunny and clear with a high near 81 and a low around 67.
MTA 🚇
In The Bronx, Wakefield-bound 2 trains skip 219 Street, 225 Street, 233 Street, and Nereid Avenue stations today and tomorrow from 9:15 a.m. to 3:30 p.m. Find all the MTA’s planned changes and the latest delays here.
Alternate side parking 🚙
It’s in effect today, Aug. 7.
By the way…
A radio station inside of a subway station is turning one year old.
Our Other Top Stories
Mayor Eric Adams was denied public matching funds for his re-election bid yet again by the Campaign Finance Board, which cited his now-abandoned federal indictment as well as his campaign’s refusal to respond properly to questions regarding hundreds of suspect donations.
President Donald Trump is reportedly talking to former Gov. Andrew Cuomo and weighing whether to get further involved in the city’s mayoral race. But Cuomo’s camp denies any recent communication with his fellow Queens-born politician and is doubling down on criticizing the Oval Office.
Reporter’s Notebook
Council Advances Midtown South Plan
A City Council committee on Wednesday approved an ambitious rezoning of Midtown South designed to produce more than 9,500 new apartments, almost a third of them below market rents — but not before excluding 40 buildings in the Garment District.
The Adams administration plan ends prohibitions on residential units — both conversions of office buildings and new construction, in four zones in the area, which has suffered from high vacancy rates following the COVID pandemic and a lack of sufficient street traffic.
Councilmembers Keith Powers and Erik Bottcher, generally regarded as among the most pro-housing members, hailed the decision and commitments to provide additional help to the garment companies that remain in the area, speed the creation of a 34th Street busway and other infrastructure improvements. The full Council is likely to approve the plan soon.
Powers claimed the changes reduce the amount of potential new housing by less than 100 units.
Others disagreed. Barbara Blair, president of the Garment District Alliance business improvement district, said several owners of those 40 buildings were prepared to convert their properties with well over 100 units of housing.
— Greg David
Things To Do
Here are some free and low-cost things to do around the city this week.
Thursday, August 7: Come to a family-friendly silent disco in Flushing Meadows-Corona Park with music for everyone to enjoy from three different DJs spinning a selection of pop, Latin, throwbacks, Hip-Hop, and R&B from 6:30 p.m. to 9:30 p.m.
Thursday, August 7: Enjoy dance performances by Queens-based dance companies featuring diverse styles including jazz, Indian, modern, hip-hop, and more at Forest Park from 7 p.m. to 9 p.m. sponsored by Maspeth Federal Savings and the Forest Park Trust.
Thursday, August 7: Head to Central Park and watch Ballet Hispánico celebrate the artistry and cultural richness of Latino heritage through a dance performance at Rumsey Playfield with doors opening at 7 p.m.
Friday, August 8: Attend the Teen Makerspace event at Port Richmond library in Staten Island from 2 p.m. to 4 p.m. and learn how to use tools related to 3D printing, CAD design, video production and more.
THE KICKER: Rest in harmonious peace, Eddie Palmieri. The Harlem-born pianist and bandleader, a pioneering figure in the world of Latin music, passed away Wednesday at the age of 88.
Thanks, as always, for reading. Make it a great Thursday
Love,
THE CITY
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