Real Estate Monday

On a couple of blocks, a boomtown microcosm.

1.  Stop Work Orders

383 12th Street

STOP WORK ORDER PARTIAL RESCIND Comments: OK TO BACK FILL AS NEEDED EX/ID ECB Violation #s: 35031048Z Previous Violations: ECB: 35031048Z -

Re (Complaint): CONSTRUCTION SITE HAS A STOP WORK ORDER SINCE JAN 2014. IN THE BACKYARD OF ADJACENT PROPERTY HAS A LARGE HOLE IN THE BACKYARD DUE TO THE SINKING OF CONSTRUCTION SITE. THIS IS IN THE BACKYARD

294 12th Street

As of today, this stop order, relating to excavation damage,  is not on record online at the DOB website.

Update - 5/20/14  Stop Order information finally online:

Last Inspection:	05/06/2014 - - BY BADGE # 2240
Disposition:	05/19/2014 - A3 - FULL STOP WORK ORDER SERVED
Comments:	SWO ISSUED CONTRACTOR DAMAGED ADJ EXP 3 PROP /NO MONITORING/ WORK CONTRARY TO PLAN/ P/E AUDIT EX/ID
ECB Violation #s:	35031046P    35031045N
Previous Violations:	ECB: 35031046P - 35031045N

Re: (Complaint):

THE CONSTRUCTION FROM THE NEIGHBORING PROPERTY 294 12 STREET IS UNPINNING BY BUILDING CRACK FROM THE BASEMENT TO THE ROOF. ON BACK WALL. IT IS A "STEP CRACK".

2. Multi-family buying boom

310 12th Street

Multi-families are selling like hotcakes. Here's 310 12th Street, a twenty unit building with rent-stabilized tenants, recently sold for 6 million to the Slate Property Group.

BUSINESS PLAN: Value Add / Reposition / Unit Conversion

Slate has an extensive portfolio including multi-family/mixed use properties, and ground-up development & conversion projects.  The latter includes the big apartment developments at 470 Fourth (Fourth & 11th), and at 275-281 Fourth (Fourth & 1st).

"During the last five (5) years, the principals of Slate Property Group have purchased in excess of $1 billion in real estate assets achieving above market returns through various value-add and development strategies ... Slate Property Group has an established strategy of pursuing opportunistic real estate investments located in the New York metropolitan area. Slate leverages an entrepreneurial approach, a fully integrated platform and extensive relationships to acquire, develop, reposition and operate real estate."

3.  The hair's breadth from two million dollar frame rowhouse. (Streeteasy)