Out-of-town investors buy rent-stabilized PLG building, betting on ‘influx of white-collar tenants’

146 Fenimore Street

Do you live here? Sorry. via Google Street View

Real estate speculation! Sometimes it takes the form of horrible arson. Oftentimes, it takes much more banal, but somehow more unappealing-sounding forms, like this article in Real Estate Weekly about Pittsburgh-based HLC Equity buying a building in Prospect-Lefferts Gardens. Why are they doing it, and what’s their plan? Funny you should ask!

Farber said he saw 146 Fenimore Street as the ideal first investment in Brooklyn because of its proximity to several subway lines and the neighborhood’s untapped, fast-growing potential…convincing Farber that Prospect Lefferts Gardens is on the cusp of a major influx of white-collar residents.

Most of the building’s units are rent-stabilized, and HLC plans to slowly renovate the entire building.
“We could probably sell it at a profit right now,” Farber said. “But we want to hold on to it.”

Well, sucks to be you, rent-stabilized resident’s who we’re sure won’t be harassed in any way by your out-of-town landlords betting on “more white-collar residents.” Just to be sure though, don’t forget that you’ve got rights when it comes to improvements, and your rent in general.