As corporations buy more and more real estate in New York City, some tenants say they're being pushed out at the end of their leases or facing massive rent hikes.
trendiest neighborhoods, it has become part of a new trend some here would prefer to skip.
Corporations have been buying up portions of the East Village, the most recent examples are two connected buildings at 305 E. 11th St. and 310 E. 12th St.corporation Meadow Partners for $58 million. The company says it is looking forward to modernizing the buildings and that the market rate units are renting below market value.
"In fact, 89% of landlords of buildings with three or more apartments are corporations. And so this means that these corporations are in the business of making money."With New York City in the middle of skyrocketing rents and soaring demand, those who live here tell us tenants in the building are being told their leases won’t be renewed and that they have to move out when their current lease runs out.
"In fact, 89% of landlords of buildings with three or more apartments are corporations. And so this means that these corporations are in the business of making money," Nori told FOX 5 NY. "If they can profit even 1% by pushing out a family that has been there for decades, they will do so.
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