Barry Singer is taken into account one of many “worst landlords” in New York Metropolis by Public Advocate Jumaane Williams. His lenders is probably not a fan today, both.
A $39 million mortgage backing a housing portfolio within the Bronx was transferred to particular servicing this month after Singer fell behind on funds, Crain’s reported. Singer can also be delinquent on property taxes, based on a report from Morningstar Credit score Analytics.
Moreover, insurance coverage for the portfolio was force-placed as a result of the mortgage servicer bought protection after Singer failed to take action.
The portfolio in query contains 160 West Kingsbridge Highway, 3004, 3011, 3021 & 3030 Heath Avenue. 2487 & 2497 Grand Avenue and 2500 Webb Avenue. Singer refinanced his mortgage backing the portfolio in late 2021; LMF Industrial was the lender, based on Traded.
It’s simply the most recent challenge for Singer’s troubled portfolio, which he acquired for $28.9 million in 2014 earlier than investing $833,000 in enhancements, based on Fitch Rankings.
Final fall, the Division of Housing Preservation and Growth sued the owner for failing to handle violations deemed “instantly hazardous” throughout the 300-unit portfolio, situations that usually should be addressed inside a 24-hour interval.
Final month, a Bronx County Civil Court docket decide ordered Singer to restore issues at one of many buildings, 3030 Heath Avenue. An lawyer for Singer, nevertheless, stated the order was “injurious and prejudicial” and claimed the owner was “working diligently” to unravel the issue inside three weeks.
In 2024, Singer earned the highest spot within the Public Advocate workplace’s annual “Worst Landlord” checklist. Final 12 months, he ranked third with 15 buildings on the company’s watchlist, protecting 426 models. His portfolio has practically 2,900 open HPD violations as of the publication of the checklist.
Singer’s issues on the rent-regulated portfolio could solely develop if Mayor Zohran Mamdani follows by on his pledge to freeze the lease for stabilized models.
Learn extra
Rent-stabilized losses have hit NYC pension funds. Will the city finally care?
“They’re pushing the eject button”: Related unloads monster rent-stabilized portfolio for $192M — another loss
Bankrupt Brooklyn buildings defy stereotype
