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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