Real Estate Brooklyn and New York

Queens, New York

Harlem: five buildings, 270 units
In 1999 Rainbow Capital USA was approached by a Deputy Commissioner of HPD to revitalize five distressed properties in Harlem. The property consisted of 270 units, and was under siege by drug dealing and petty criminal activity. All major systems required full replacement.

The city had granted a municipal loan to the property's owners a decade earlier. The owners defaulted and the property was facing a tax-lien sale, whereby the city faced losing millions of dollars of their equity. After several months of negotiations, Rainbow Capital USA assumed full ownership and management responsibilities of these properties.

Rainbow Capital USA is a real estate development and management firm headquartered in Brooklyn, N.Y. founded by Irving Langer in 1971. The firm owns and manages over 3,000 residential units in New York City, New Jersey and Nassau County, and maintains strong relationships with financial institutions, building and trade unions, tenant groups, and local, state and national housing regulatory bodies (HPD, DHCR, HUD).

Rainbow's urban portfolio consists of government subsidized (HUD), rent stabilized and regular multi-family, garden apartment, co-op, and development properties. Rainbow's proprietary computer and on-site tracking systems effectively control costs and sustain positive labor relations, making Rainbow a sought-after specialist in rehabilitating distressed properties.

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