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Forget It, Jake — It’s Avalon

There are amateurs:

A Manhattan woman has been arrested for allegedly trying to scam thousands of dollars in fees by placing a bogus ad in a newspaper offering cheap rents in fancy apartments, authorities said yesterday. Raadiya James, 22, is accused of buying an ad in AM New York on Dec. 2 that mimicked an official announcement from the Department of Housing Preservation and Development offering cheap apartments on West 57th Street.

In exchange for a $5 application fee, the home-seekers were offered a shot at studios for $538 and two-bedrooms for $823.

Over the next few days, more than 1,000 money orders poured into a post-office box.

But authorities picked up on the alleged scam and when James came to pick up the loot, she was arrested.

And then there are professionals:

“Of course, honey, we’re in a recession,” replied Jackie Sim, the building’s [Avalon Morningside Park, a new 20-story monolith capping Columbus Avenue at 110th Street] leasing agent, when asked whether units had been going more slowly than anticipated. “People are shopping around more.”

. . .

Ms. Sim would call the Avalon a “luxury” building rather than “full-service” — in fact, she did slip up a couple of times — if 20 percent of it didn’t fall under the city’s 80-20 affordable housing guidelines. Developer AvalonBay secured $100 million in tax-exempt bonds to keep 59 units rent-stabilized at “affordable” rates (studios for about $620, $922 for a three-bedroom). Though the apartments aren’t quite as swank — Corian countertops instead of granite, for example — AvalonBay won’t have problems filling them up: HPD was still inundated with applications for the lottery.

“Everyone applied,” said Kelly Garcia, owner of the overstuffed Hardware and Houseware store on 109th and Columbus-including him. “Nobody has said they got in. What I think is they keep it for their own people.”

Posted: December 16th, 2008 | Filed under: Follow The Money, Manhattan, Real Estate
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