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Lembi’s East Coast Counterparts Go Bust

December 22, 2009

The NY Times has an article out about Dawnay Day, a British landlord who had a fairly similar M.O. that San Francisco’s Lembi Group had.

It was then, after a meeting with a New York landlord at an art show in Miami, that the British firm plunked down $225 million for 47 rental buildings, most of them in East Harlem.

The plan, in a gentrifying neighborhood, was to repeat the success its executives once found in the transformation of the south London neighborhood of Brixton. Dawnay Day would ease out its mainly lower-income residents, rehabilitate the apartments and charge a new generation of younger, more affluent tenants substantially steeper rents.

[via New York Times]

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Categories: Commercial Real Estate Investing | Trends
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Joshua December 23, 2009

all of the prolific buyers are having issues. buying without knowing what they were buying and without the staff to handle it. jamison in la owns so much stuff they dont know what to do with half of it. just lingers, barely any maintenance, no one in sight that works for the owner. but hey, they buy a lot of stuff.

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