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Jun 02

Hello Mr. Ku

Comments (1) 12:00 AM posted by admin |

David Kircher, you may have met your match.

Ladies and gentlemen, meet Mr. Emmanuel Ku, President of Dakko Queens, NY, and if everything goes according to plan, he’s going to be the next owner of the Parkview Apartments. Mr. Ku is a known New York City slumlord. He is most famous for his purchase of Pueblo de Mayagüez in the South Bronx. At the time of his purchase of the complex, Mr. Ku’s buildings had over 1500 code violations. He had been fined by the city of New York eighteen times for a total of $23K. NYC was also suing him over a 25-unit building in Harlem that had over 200 code violations. He also had two buildings in Brooklyn with over 600 code violations in a mere 15 units. After owning Pueblo de Mayagüez for little over a year, residents were reporting broken windows and roaches. In fact, no money was spent on rehabilitation, the units are no longer affordable to non-voucher holders, and crime and drug activity has increased. Luckily for the resdients of the Parkview Apartments, Mr. Ku calls himself “the daredevil landlord,” and Mr. Ku is going to show his daredevil side by making parking at Parkview his top priority because uneven pavement could lead to lawsuits from drug dealers.

Yesterday you may recall that spun yarn about the tragic happenings of Parkview Apartments based on information had at time. Well, I couldn’t have gotten that more wrong even if tried. Bob Woodward bounced back from “Wired,” so hopefully I can recover from this. In my defense, I think pieced together was pretty fair based on published information available. I lay most of blame on my lousy sources. repliki zegarków

As it turns out, I have my own Linda Lovelace. While that will make for some interesting Google searches one day, I have some information that tells the other side of the story. It paints an entirely different picture than what was portrayed in the newspapers. The City was acting in the best interests of the Parkview residents when they scrutinized the YHC plan. They met with the YHC on May 10th to resolve the list of twenty-five conditions that City Council placed on the purchase. Over the course of the next two and a half weeks, the two sides traded proposals several more times until time finally ran out on the 20th. The deadline was missed and the auction would proceed as planned. During the week of the 23rd, the two sides finally came to agreement right before the auction date. In the end, HUD may or may not have reneged their half of bargain when they told the City and the YHC there was not enough time to understand the deal because it was too complicated. On May 27th at 10AM, the auction went ahead as planned.

Everyone wanted to get Parkview back on the tax rolls. The City is broke. It needs all the cash it can find. What I don’t understand, is why a line in the sand was drawn over $40K. As stands, Mr. Ku’s purchase price of $2.6M will be taxed at 73.1 mils with around 30 mils going directly into the City’s coffers. The money is important. Ypsilanti has many PILOT programs already. We’re not running a charity here. replica horloges

But everyone must have known that deal wasn’t struck and the property was auctioned off, that somebody like Mr. Ku was swoop in and buy place. That’s what makes this tragic. The are dozens of lawsuits between tenants who had their apartments sold at HUD foreclosure sales and the landlords who bought them. Most these lawsuits involve properties that were sold and had Section 8 contracts terminated. It appears at risk having YHC rehab the apartments was greater than risk having town slumlord buy and operate the apartments.

Maybe Wesley Finch of The Finch Group was the answer. Finch guided housing policy of former-President Clinton, but unlike the glowing reviews heaped on his company by Mayor Farmer, the Finch Group has received mixed reviews in world of affordable housing. Wesley Finch was forced to step down as Senator John F. Kerry’s top fundraiser after the Boston Herald reported on condition of three the properties managed by his company. In 1996, a Finch-related firm filed for Chapter 11 protection after apartment complex was utilities shut off after falling $544K behind in payments and $430K behind in back taxes. replica watches

The City, the YHC, and the residents are holding pattern waiting see self-proclaimed daredevil landlord has up his sleeve.

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1 Comment »

  1. Comment by mary hester
    November 24, 2010 @ 12:33 pm

    i am from ny and i have been here and mr ku came here and bought a building where i resides for five years so all i can sayis good luck this is one man that does not have a conscience at all and all ole folks beware from drugs to prostitution to roaches it was horrible if u want more information u can contact me i will not tell what is did not live trough they let people die old folks maybve he is a daredevil but if he blinks so much how can he even see if u know him u kn ow i do by just that good luck

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