Woodland Apartments, a large multi-family complex in Monticello, is facing foreclosure.
Some residents told Radio Catskill they received a one-page notice on March 5 taped to or slipped under their doors stating the property’s owners are being foreclosed on by Fannie Mae (Federal National Mortgage Association).
The property at the intersection of Moon Manor Road and West Broadway Avenue is owned by three LLCs with the same address in Pomona: YAHALOM MM LLC, CIG MM LLC, and MSUR MM LLC. The last recorded sale, according to county property records, shows a $4.75 million sale in 2021 from HV 3590 to its current property owners.
Maria M., a resident whose lived at the Moon Manor residence for more than seven years, said she was surprised to receive the letter.
“We got no clear anything,” said Maria, who asked that we do not use her last name due to privacy concerns. “Nobody knows what’s going on. They don’t get back to us. They just put notes on our doors all the time.”
The notice, which New York state requires the bank to issue to all tenants at the start of any foreclosure process, states that all rent-stabilized and rent-controlled tenants are protected under rent regulation rights under their existing agreements.
For tenants without a lease, the notice says that tenants “will be entitled to remain in [their] home until ninety days after any person or entity who acquires title to the property provides you with a notice as required by section 1305 of the Real Property Actions and proceedings Law.”
But several residents Radio Catskill spoke with said they were on a month-to-month lease. When Woodland Apartment tenants tried to renew their lease with the property manager CIG Properties, they said they never heard back – leaving some tenants with less defined lease agreements unclear what will happen to their housing after 90 days.
Local community advocate and Sullivan County CCE Prevention Programs Issue Leader Marty Colavito says the residence has about 100 families, some of whom have called him confused on what’s next. “We’re not talking about people who are getting evicted. We’re talking about people that pay their rent.”
“People are nervous because they don’t know how long the process of the foreclosure’s gonna take, and you know as well as I do that livable housing in Sullivan County is at an absolute premium,” said Colavito.
During a March 12 committee meeting, Sullivan County Legislator Amanda Ward said she and County Manager Joshua Potosek are working on providing tenant education sessions as a first step. She added that one tenant she spoke with is paying as much as $2,000 a month, far above the $1,500 average market rent for a two-bedroom in Monticello.
According to the New York State Department of Financial Services, state law also requires landlords to maintain the property as they would in the absence of any foreclosure action.
Radio Catskill observed several deep potholes throughout the parking lot, loose and cracked building steps, and garbage disposed of in the outside common areas.
Dan Hust, Communications Director for Sullivan County Government, said that the county is prepared to assist residents in any way they can.
“If [residents] have concerns or need help in finding housing, they are welcome to call both our Human Rights Commission at 845-807-0189 and our Department of Social Services at 845-292-0100. We have no direct involvement in the foreclosure or operation of the Moon Manor housing complex,” said Hust.
The Village of Monticello also shared a press statement that the Village was aware of the foreclosure notice and clarified that tenants were not being evicted. “This is a legal matter involving the PROPERTY OWNER and their lending institution. It is NOT an eviction notice for tenants.”
Radio Catskill reached out to CIG Properties and Fannie Mae for more information but did not hear back in time for publication.
Image: Building signage for Woodland Apartments in Monticello, N.Y. (Photo Credit: Kimberly Izar)