Tuesday, December 22, 2009
☞ READ: East Harlem British Landlords Bankrupt
Today's New York Times features an article on the rise and fall of British real estate giant Dawnay Day which sought to gentrify East Harlem and add it to their world portfolio. Back in 2007, the firm which was known for transforming the rough London nabe of Brixton into an up-and-coming enclave, bought out 47 East Harlem rental buildings for $225 million. The high wheeling, yacht buying, modern art collectors led a flashy lifestyle while many of the 1,100 apartments that the corporation owned on the east side languished. Many tenants felt like they were being forced out by neglect of service and some eventually moved out. Those who now remain are not sure of their future since the properties are in limbo and conditions will probably not improve until another investor comes along. Dawnay Day was a HUGE real estate force globally but they went the way of those who over speculate at the wrong time. The British company totally collapsed this past year and there is more uncertainty in the air on what will happen to the buildings they once owned on Harlem's east side. Read more in the NY Times: LINK. Photo of East 116th Street by Ulysses.