Monday, February 8, 2010

Hedge Fund Manager: I Want My Rent Control!

NyPo reports:
A hedge-fund millionaire is fighting to keep the greatest deal in New York real estate since Peter Minuit bought Manhattan Island -- a $380-a-month Park Avenue duplex.

Ross Haberman has a conniption in a Manhattan Supreme Court lawsuit over a vote by the building's board -- which is made up of his own family members -- to get the rent on his sprawling luxury apartment at 737 Park Ave. closer to market value.

"The proposed rent increase would increase the rent rate for Ross' apartment by as much as 30 times," the suit notes.

A search of recent rentals in the building -- across the street from 740 Park, one of the city's most prestigious addresses -- shows one-story units on the same line averaging $8,000 a month in rent
. For an analysis of the distortions caused by rent controls see Walter Block here.

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