Comments on: 133 Water Street Files for Bankruptcy

By: samuli

samuli — Thu, 24 Sep 2009 05:01:51 +0000

i rememeber vividly this shiny piece of architecture wet dream from my trip to DUMBO back in october... nice to see bloomberg quoting brownstoner.com...

By: Dumbo NYC, Brooklyn » Archive » Carbon Monoxide Forcing Out Some Residents at 133 Water Street (DumboNYC.com)

Thu, 09 Apr 2009 15:54:55 +0000

[...] the owners of 133 Water Street building filed for bankruptcy in February, there have been some unfortunate turn of events that is causing residents some concern for them [...]

By: BrooklynLove

BrooklynLove — Sat, 28 Feb 2009 14:34:27 +0000

fake BL post – nice to know that someone is on my nut. how does it taste?

LS – this 11 will be a 7 shortly.

By: loose stool

loose stool — Sat, 28 Feb 2009 05:38:35 +0000

MY day favorite time acid in kicks. Once again Brooklynlove, clock a like we tell time stopped perfectly a day twice.

By: BrooklynLove

BrooklynLove — Sat, 28 Feb 2009 03:53:11 +0000

the line equals end line when frontline secured to the moon. life assume the management as an initial eye on that.

By: loose stool

loose stool — Sat, 28 Feb 2009 03:21:10 +0000

Brooklynlove, There is no trustee in Chapter 11. The company continues as is under the protection of the bankruptcy court. Your cassandra complex is beginning to annoy me. You need to give hand jobs to a different court clerk.

By: BrooklynLove

BrooklynLove — Sat, 28 Feb 2009 02:09:00 +0000

middle of the line effectively equals end of the line when front of the line secured creditors sum to greater than mkt val of estate assets. this building is levered to the moon.

re quality of life, trustee would need to assume the contract with building management as an initial matter so keep your eye on that.

By: loose stool

loose stool — Fri, 27 Feb 2009 23:58:42 +0000

Wendy, you make Loose Stool want to cry.

By: what to do

what to do — Fri, 27 Feb 2009 22:56:31 +0000

So, residents (or others with valid opinions) are you going to try to apply your security deposit to one of your month’s rent payments? I imagine most paid last month and security deposits so you can’t just apply it to your last month.

Seems like there is a low probability that you would be seeing your security deposit any time soon after your lease is up.

By: Wendy at Water Street

Wendy at Water Street — Fri, 27 Feb 2009 16:29:37 +0000

loose stool, you’re secret is out, you must be a lawyer, which explains the constant snarky comments, ha! But, seriously, thank you for your knowledgeable comments along with the other helpful posters here regarding this matter. It has encouraged me that most likely the bankruptcy trustee will not terminate the leases nor want to vacate the building, as this is where the money will come to pay back the claims. As you pointed out, I have been worried about losing the essential services, hallway trash pick up, repairs, doormen, etc. but so far it has been business as usual. Hopefully it will stay that way, as the trustee will want to keep the building sellable and not decrepit.

By: loose stool

loose stool — Fri, 27 Feb 2009 04:31:58 +0000

The security deposit would be considered an “unsecured priority claim” entitling you to get in the middle of the line after the secured claims but before the unsecured creditors like those listed in the article.

By: BrooklynLove

BrooklynLove — Fri, 27 Feb 2009 02:00:01 +0000

you’re spending too much energy citing statutes and repeating the substance of the posts above yours and not enough time thinking practically.

so your lease ends and you want to leave, the building is still in the bankruptcy (very likely). you are owed a security deposit back under your lease. multiple creditors (many secured) are owed money as well under their various contracts. get to the back of the line and say goodbye to your 250. debts >>>> assets.

By: Manhattan Real Estate: It’s Over « Yeah, Yes, Absolutely

Manhattan Real Estate: It’s Over « Yeah, Yes, Absolutely — Thu, 26 Feb 2009 18:34:19 +0000

[...] Dumbo Goes Down Harlem, Too [...]

By: tenant

tenant — Thu, 26 Feb 2009 15:25:20 +0000

This is all governed by Sec 365(h) of the bankruptcy code.

The trustee can either assume or reject a lease the debtor has as lessor. If he assumes it, then nothing really changes.

If he rejects it, then the tenant has a couple of options. The tenant may be able to treat the rejection as a breach of the lease and exercise the tenant’s rights to terminate it. Alternatively, the tenant can exercise its rights under the lease through its current term and any renewal terms. So the worse case is that you can live their through the end of your current lease.

I’d suspect the trustee will attempt to renew the leases at current market rates to preserve the estate, which is the building and the rent roll.

With respect to the security deposit, the code doesn’t appear to address the issue, but the landlord is the trustee of the funds, not the owner and therefore the security deposit isn’t an asset of the debtor. I don’t think it comes into the estate and therefore it will eventually be returned to the tenant. In particular if the building is sold the new owner typically has to assume the obligation to return the security deposit.

By: jan

jan — Thu, 26 Feb 2009 14:19:46 +0000

oh, LC, you’re a lovable piece of crap. I appreciate the comments but since the building just filed for bankruptcy yesterday, nothing will happen for at least a few months. however, I did notice some money saving measures such as turning down the heat or saving on energy. Nothing that other buildings arent doing.