Rent stabilization works! (For a few)
Boston Condos for Sale and Apartments for Rent
Rent stabilization works! (For a few)
From The New York Daily News:
Developers are gossiping about the tenant who made out like a bandit from the old Mayflower Hotel, which was demolished to make way for ultraluxe condos at 15 Central Park West.
Word among real-estate types is that the unnamed renter pocketed a record-setting $15 million to be bought out of his rent-controlled two-bedroom apartment … for which he paid the princely sum of $200 a month.
“He asked for $15 million and he got it,” says a source familiar with the story.
Complete story: Can you trump the real estate deal?
Of course, you should probably take the story with a grain of salt. Probably, it’s more like $1.5 million.
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