Landlords Get a $173 Million Deal From City as Their Lawyer Raises Funds for de Blasio [View all]

Two years ago, the administration of Mayor Bill de Blasio decided to buy 17 buildings, which it planned to use for affordable housing, from a pair of notorious landlords with an extensive record of violations.

City officials first estimated the total value of the buildings at about $50 million. A private appraiser later hired by the city determined the value was $143 million. The city has kept the appraisal secret; no other appraisal was commissioned.

The city closed a deal on Thursday to pay the landlords $173 million for the buildings. City officials said the purchase price for the buildings rose during the normal course of negotiations.

At the center of the deal was Frank Carone, the lawyer for the landlords, and an influential figure in the Brooklyn Democratic Party and a longtime ally of Mr. de Blasio’s.

Read more: https://www.nytimes.com/2019/04/04/nyregion/homeless-buildings-sold-de-blasio-democrats.html