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For its part, the Department of Housing Preservation and Development is trying to negotiate with the lender to lower the sale price to one that will permit a new owner to repair the buildings and maintain them with low rents, a spokesman for the agency says.
As with a series of other big rental buildings in financial straits, HPD wants to ensure the next owner of the Dawnay, Day properties will break the cycle of over-leveraging and neglect. The agency is also beginning to assemble a go-to list of developers who are interested in and qualified to act as rescuers for financially troubled buildings such as the Dawnay, Day portfolio.
