The 234 Apartment

T wo weeks ago, a Manhattan Supreme Court judge handed down a decision designed to strike fear in the hearts of landlords. Justice James d’Auguste ordered that an independent receiver be appointed to manage two Midtown residential buildings where the landlords allegedly allowed illegal Airbnb rentals to occur. The case, which began when the city sued the landlords in February 2015, has become one of the battlegrounds in a larger war between city enforcement agencies and short- term rental sites like Airbnb. Airbnb, which was recently valued at $31 billion, refuses to release the exact addresses of hosts who break the law by renting their entire apartment for less than 30 days without being present. Without the addresses and names of Airbnb violators , the city mostly targets the owners of buildings that rack up the most illegal hotel complaints from 311 calls and the New York City Department of Buildings. “This entire model—and it was intentional [by the city]—is complaint-drive...

America Apartment Communities logo" title="Mid- America Apartment Communities logo" class="companylogo" /> Oakbrook Investments LLC decreased its position in shares of Mid- America Apartment Communities , Inc. (NYSE:MAA) by 5.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4 ,551 shares of the real estate investment trust ’s stock after selling 272 shares during the period. Oakbrook Investments LLC ’s holdings in Mid- America Apartment Communities were worth $480,000 at the end of the most recent quarter. Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MAA. Roanoke Asset Management Corp NY increased its position in Mid- America Apartment Communities by 48.0% in the second quarter. Roanoke Asset Management Corp NY now owns 3,625 shares of the real estate investment trust ’s stock worth $3...

click to enlarge Crews on site at 2447 Cass, which housing preservationists say is slated for demolition. Historic preservationists are keeping a watchful eye on three brick multi- level buildings that stand in the shadow of the Little Caesars Arena after getting word last week that the Ilitch family- owned Olympia Development had planned to demolish them without permission. The company’s contractors had previously obtained demolition permits for the more than hundred-year-old buildings, but according to the city's buildings department, the permits are frozen as the city studies whether the buildings are eligible for historic designation. Alarm bells first went off Tuesday when workers in neon shirts and hard hats showed up outside the more than hundred-year-old buildings at Cass Avenue and Henry Street, near Woodward and I-75. With them was a truck printed with the Homrich logo— a company known for its work in demolition and remediation. The activity sparked swif...