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January 2012 Meet the Landlord
1
54 January 2012 www.TheRealDeal.com BY JANE C. TIMM PHOTOGRAPH FOR THE REAL DEAL BY JAMES CHANG Horrible hoarder Tenant horror story? We had a hoarder in an eight-unit building in Park Slope. We inherited the tenant. She was paying less than $200 a month. Her apartment was filled with trash, newspapers, clothes, takeout containers and cats — just junk from floor to ceiling. It started affecting other people in the building — people’s apartments were infested with roaches and the odor was unbearable. We finally got her evicted, but it took 15 years and we probably spent over $100,000 on legal fees. It’s a to- tal waste of resources. That money could have been spent on improving the building. The bottom line How is the market doing, from your perspective? It’s been very flat. We’re not increasing our rents; a lot of our tenants have been paying the same rent for five years, which is hard, because the costs are just go- ing up. Here and there we’ll raise them, though, if we can. When you do raise rents, by how much? For someone in Bay Ridge paying $1,400 [per month], we might raise it $50 or $25. We try to be fair. What worries you as a landlord, in terms of politics? The best thing the city and state could do for property owners is to keep the laws steady and not have drastic changes — no one can plan for them, and it makes things very difficult. Building blocks How many buildings do you own? Nine buildings, about 150 apartments, in Bay Ridge, Park Slope and Brooklyn Heights. The largest is 8802 Ridge Boulevard in Bay Ridge, with 48 apartments. We have rents ranging from $190 per month [for a rent-stabilized unit] to $3,000 for a grand apartment in a brownstone with a huge backyard garden. Is it a family business? In 1968, my parents bought a six-family building in Bay Ridge — 6821 Owls Head Court — where we lived for 11 years after I was born. My grand- mother lived across the hall. My mother and father were very handy. They did all the work themselves. My father was a carpenter, so he’d make the kitchen cabinets and everything. It wasn’t his primary occupation — he was in the shipping business — but we needed a place to live. Eventually he left shipping and got more into real estate, and bought more buildings. I grew up tagging along on a weekend to shovel snow or put out the garbage or help him do work in the apartments. How did you decide to make it your career? After I went to Brooklyn College, it was just a natural progression. I don’t really think of it as a business — this is our life. Are your parents retired? These days, my father is still very much active, probably even more than me! My sister works in the office as well. My mom does decorating and troubleshooting for us. How do you rent out your units? We use local brokers and, a lot of times, just word of mouth. We’ll also advertise on our own. [But] we’re us- ing brokers less and less now; people will try and save a little money and go directly through an online ad. Have you thought about expand- ing into Manhattan? We have not crossed the bridge into Manhattan because it is easier to be close to the buildings we own. If a boiler goes out in the middle of the night, we are quick to respond. … There’s one traffic light between my home and my office. Landlord life What’s the hardest part of owning buildings in NYC? Running the buildings would be much easier if we didn’t have all these regulations. At least half of my time is dedicated to adminis- trative things with the city and state. They’re so onerous, and they just don’t make sense. What’s the best part? It’s a nice part of the job to look out for people. It’s not just the bricks and mortar — we go to people’s weddings and funerals. We recently had one of our tenants who had a home birth in the apartment. Which landlord organizations are you involved in? I’m active in the Small Property Owners of New York and the Greek-American Property Owners here in Bay Ridge. It’s good to network with other property owners and vent. It’s like a therapy ses- sion — 95 percent of tenants are great, but you always get the 5 percent who are awful. Vital Stats: Name: Christopher Athineos Title: Owner, Athineos Enterprises Age: 42 Hometown: Bay Ridge, Brooklyn Currently living in: Bay Ridge, Brooklyn Athineos’s Brooklyn properties —
Transcript of January 2012 Meet the Landlord
54 January 2012 www.TheRealDeal.com
By Jane C. Timm
PHOTOGRAPH FOR THE REAL DEAL BY JAMES CHANG
Horrible hoarderTenant horror story?
We had a hoarder in an eight-unit building in Park Slope. We inherited the tenant. She was paying less than $200 a month. Her apartment was filled with trash, newspapers, clothes, takeout containers and cats — just junk from floor to ceiling. It started affecting other people in the building — people’s apartments were infested with roaches and the odor was unbearable. We finally got her evicted, but it took 15 years
and we probably spent over $100,000 on legal fees. It’s a to-tal waste of resources. That money could have been spent on
improving the building.
The bottom lineHow is the market doing, from your perspective?
It’s been very flat. We’re not increasing our rents; a lot of our tenants have been paying the same rent for five years, which is hard, because the costs are just go-ing up. Here and there we’ll raise them, though, if we can.
When you do raise rents, by how much?
For someone in Bay Ridge paying $1,400 [per month], we might raise it $50 or $25. We try to be fair.
What worries you as a landlord, in terms of politics?
The best thing the city and state could do for property owners is to keep the laws steady and not have drastic changes — no one can plan for them, and it makes things very difficult.
Building blocksHow many buildings do you own?
Nine buildings, about 150 apartments, in Bay Ridge, Park Slope and Brooklyn Heights. The largest is 8802 Ridge Boulevard in Bay Ridge, with 48 apartments. We have rents ranging from $190 per month [for a rent-stabilized unit] to $3,000 for a grand apartment in a brownstone with a huge backyard garden.
Is it a family business?
In 1968, my parents bought a six-family building in Bay
Ridge — 6821 Owls Head Court — where we lived for 11 years after I was born. My grand-mother lived across the hall. My mother and father were very handy. They did all the work themselves. My father was a carpenter, so he’d make the kitchen cabinets and everything. It wasn’t his primary occupation — he was in the shipping business — but we needed a place to live. Eventually he left shipping and got more into real estate, and bought more buildings. I grew up tagging along on a weekend to shovel snow or put out the garbage or help him do work in the apartments.
How did you decide to make it your career?
After I went to Brooklyn College, it was just a natural progression. I don’t really think of it as a business — this is our life.
Are your parents retired?
These days, my father is still very much active, probably even more than me! My sister works in the office as well. My mom does decorating and troubleshooting for us.
How do you rent out your units?
We use local brokers and, a lot of times, just word of mouth. We’ll also advertise on our own. [But] we’re us-ing brokers less and less now; people will try and save a little money and go directly through an online ad.
Have you thought about expand-
ing into Manhattan?
We have not crossed the bridge into Manhattan because it is easier to be close to the buildings we own. If a boiler goes out in the middle of the night, we are quick to respond. … There’s one traffic light between my home and my office.
Landlord lifeWhat’s the hardest part of owning
buildings in NYC?
Running the buildings would be much easier if we didn’t have all these regulations. At least half of my time is dedicated to adminis-trative things with the city and state. They’re so onerous, and they just don’t make sense.
What’s the best part?
It’s a nice part of the job to look out for people. It’s not just the bricks and mortar — we go to people’s weddings and funerals. We recently had one of our tenants who had a home birth in the apartment.
Which landlord organizations are you
involved in?
I’m active in the Small Property Owners of New York and the Greek-American Property Owners here in Bay Ridge. It’s good to network with other property owners and vent. It’s like a therapy ses-sion — 95 percent of tenants are great, but you always get the 5 percent who are awful.
Vital Stats:
Name: Christopher AthineosTitle: Owner, Athineos Enterprises
Age: 42Hometown: Bay Ridge, Brooklyn
Currently living in: Bay Ridge, Brooklyn
Athineos’s Brooklynproperties
—
