Envy Apartment

Morningside Park, a Kushner Companies- owned housing complex , in Middle River, Maryland (Philip Montgomery for The New York Times) Maryland’s two U.S. senators and four of its U.S. House representatives , all Democrats, sent a letter today to the large real- estate company owned by the family of Jared Kushner, President Donald Trump ’s son-in-law and senior adviser, demanding information about the company’s management of 17 apartment complexes it owns in the state. The letter to Kushner Companies came in response to a May 23 article co-published by ProPublica and The New York Times Magazine investigating management practices at the rental complexes, most of which are in the suburbs of Baltimore, as well as an article this week in The Baltimore Sun that revealed additional details . The original story described the highly aggressive legal tactics that Kushner Companies has used to pursue tenants who owed back rent or had left their leases early — even tenants who left the complexes...

Share This Story Property Deals Prompt Questions About AZ Firm Rodney Ernhart of Bigfork, Montana has had enough. “We’re done. We just want to wash our hands of the whole situation and just walk away. Take our licks. Learn from our mistakes and go on.” As mistakes go, Ernhart’s was an expensive one, costing him roughly $60,000. “It’s my own stupid fault.” In the spring of 2016 at a real estate conference in Las Vegas, Ernhart and his wife were approached about an opportunity in Niagara Falls, New York. The pitch came from a representative of Return On Rentals. The Arizona-based company says on its website that it “( helps) its clients create long -term wealth, using turnkey, residential rental property as the vehicle. We provide rehabbed, rented, professionally managed, cash flowing real estate for investors. ” Available for sale was a four- unit apartment building in Niagara Falls. Price tag was $100,250.  Ernhart was being asked to purchase, on the spot, without ever seeing the p...

CLEVELAND, Ohio - One of downtown Cleveland 's worst eyesores finally changed hands Monday , after years of court fights and false redevelopment starts . Alto Partners bought the long- vacant John Hartness Brown complex on Euclid Avenue for $9.1 million, in a deal that sprang from a messy foreclosure fight . The developer, a relative newcomer to the Cleveland real estate market , expects to fill the buildings with apartments, a hotel, retail and parking. Construction could start during the first few months of 2018. Stretching from 1001-1101 Euclid Ave., the John Hartness Brown complex spans three addresses and five facades on north side of the street. Thanks to troubled ownership, financial hurdles and lingering fallout from the Great Recession, the property has languished despite the surge in downtown living and the trend of turning historic buildings into housing and hotels. Alto will be the third developer in a decade to attempt a revival of the block. A rendering shows what ...

Among the residential brokers who take a whack at commercial, there is a steep learning curve . The businesses, everyone will tell you, are extremely different. Success in one rarely translates to success in another, and very few manage the transition. But Sonia Stock, an associate broker at Douglas Elliman, is good at taking a whack at things—be it a tennis ball or a client from out of nowhere. Like this one time… In the summer of 2004, Stock (then focused solely on residential) had a dental appointment in Union, N.J. Coming from New York and being a runner, she figured she’d take the train from Penn Station to Rahway (the station closest to her appointment) and sprint the eight miles to her dentist. But when the train arrived late , she knew running wouldn ’t get her there in time. So the experienced world traveler hit the side of the road and stuck out her thumb and was picked up by a woman in a Mercedes. “We got along very well,” Stock said, recalling what would turn out to be one...

But the city, which shares a border with the Bronx, has an enviable location, said Sam Mermelstein, a founding member of Enclave Equities, a development firm active there. About 30 minutes from Grand Central Terminal by way of the Metro- North commuter railroad , Mount Vernon is closer to Midtown Manhattan than many Brooklyn neighborhoods. Enclave is at work on a five-building, 179- unit residential rental project on former industrial property near the Fleetwood station that will offer Manhattan-style extras like rooftop terraces and gyms. And, in a break with recent nearby projects , the $ 48 million development , set to open next year, will offer all market-rate units. The rents for its one-bedrooms will be about $1,700 a month, which is less than half of what new- construction units cost in Lower Manhattan, according to online ads. “It makes no sense that this area is not booming,” Mr. Mermelstein said. One complaint from Mr. Mermelstein and others is that Mount Vernon’s retail...

One day in August, 2016, the financier Carl Icahn made an urgent phone call to the Environmental Protection Agency . Icahn is one of the richest men on Wall Street, and he has thrived, in no small measure, because of a capacity to intimidate. A Texas- based oil refiner in which he had a major stake was losing money because of an obscure environmental rule that Icahn regarded as unduly onerous. Icahn is a voluble critic of any government regulation that constrains his companies. So he wanted to speak with the person in charge of enforcing the policy: a senior official at the E.P.A. named Janet McCabe . Icahn works from a suite of offices, atop the General Motors Building , in midtown, that are decorated in the oak-and-leather fashion of a tycoon’s lair in a nineteen-eighties film. During that decade, Icahn made his reputation as one of the original corporate raiders , pioneering the art of the hostile takeover and establishing himself as a human juggernaut—a pugnacious deal machine ...