Pike Builds An Empire -- & Rebuilds A City

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Pike Builds An Empire—& Rebuilds A City

by Paul Bass | Jul 8, 2011 11:21 am

(35) Comments | Commenting has been closed | E-mail the Author

Posted to: Business/Labor/ Economic Development, Housing

Paul Bass Photo File Photo New Haven’s busiest real-estate developers looked out from a downtown rooftop onto a city they’re remaking at breakneck speed, from subsidized housing to penthouse duplexes, with a fresh $20 million infusion. No wonder “Pike International” signs have become practically as visible as stop signs.

You see the Pike logo on awnings and for-rent and to-buy signs at spots like Winthrop and Whalley avenues, where the firm is marketing the sale of a long-vacant lot.

You see Pike signs on three consecutive lawns around the corner on Carmel Street where the company owns older multi-family homes.

You see them across town at Ethan Gardens, the failed former coop on Orchard and Kensington streets (the site of an infamous 1969 Black Panther pre-murder torture) which Pike bought in March then fixed up the apartments, erected a security wall, and now rents to older working-class neighborhood families, St. Raphael’s workers, and students. “It’s way better now. People can’t cut through here or throw their trash where they want. Before they used to sell drugs [in the courtyard]. It was damaging for the kids.” said Percy Sanders (at right in photo), 16, who has lived in the complex since he was 4. Agreed his friend Shaquille Glasper (at left), 17, who’s lived there for over a decade: “They take better care of it now. It’s safer now. They’ve got the cameras up.”

You see the logo up in East Rock, where Pike is converting several neglected former mansions along Prospect Street (including a former Yale observatory guard house) into upscale apartments.

Allan Appel Photo You see Pike signs on the east side of town at Quinnipiac Gardens, where around 30 percent of the 72 apartments are rented by Section 8 tenants.

You see the signs on the far west side of town, where Pike rents to Russian immigrants and other older Section 8 tenants on Colby Court on Fountain Street and is negotiating to purchase and rehab the Imperial Gardens complex next door.

You see them at the corner of Winthrop and Chapel Streets, where Pike cleared out “cocaine central of New Haven,” in the words of Pike founder Rabbi Shmully Hecht, rebuilt the trashed 20 apartments inside, put in all new electrical and plumbing.

And you see the Pike logo all over downtown. You see it outside the old Christy’s Pub on Orange Street, where PIke has found three new investors to reopen the business and hire the old owner as the operator.

You see it at 173-5 Park St., where Pike is remodeling 14 studios, raising the monthly rent from $695 to $895.

You don’t see the logo at 380 Crown St. Instead you see a building permit in the window revealing the Pike has hired a construction company to undertake a $165,00 rehab to transform the trashed building into a new eight-bedroom home for Yale’s hockey team.

And the logo adorns Pike’s latest showpiece, an about-to-open remodeling of the upper floors of 140 Orange St., across from Pitkin Plaza. By the end of the month tenants will begin moving into new luxury apartments above Mediterranea restaurant, with rooftop lots overlooking Pitkin Plaza at one end and New Haven’s eastward skyline on the other. Before that work is even completed, Pike has started making plans for a sprawling Chapel Street building directly below, including an envisioned rooftop restaurant spilling out onto Federal Plaza.

In all, Pike International‘s post-market-collapse buying and remodeling spree has put it in control of 1,000 apartments across town. And counting. More than many government agencies or long-established barons of New Haven real estate, Pike is increasingly determining where New Haven sleeps, eats, and works.

Mayor John DeStefano, for one, has been noticing all those Pike logos. He likes what he sees. He likes that his government doesn’t encounter trouble with Pike, that problem properties are getting new life, that the company’s boss lives in town instead of New York or California,

“He [Shmully Hecht] lives here,” DeStefano said. “He’s involved in the community. He does a good job with his properties. They’re clean. He does lease enforcement. He thinks strategically about his properties. It’s a good story for the neighborhoods he’s been in.”

Plus, DeStefano noted, “he’s done a lot for the awning business.”

A Big Bet, Round Two

Hecht and company are doing that because they’re making an eight-figure bet that, amid the ashes of a recession and real-estate bust, New Haven real estate presents a remarkable investment opportunity.

Pike’s crew is buying distressed properties out of foreclosures, at auctions, or just from out-of-town investors who are giving up and walking away. They’re plowing money into the properties rather than tearing them down; they make use of preservation tax credits. In some cases, especially downtown, they’re upscaling the apartments for high-end Yale-affiliated renters, in other cases maintaining lower-income and middle-class renters whom they closely check up on before signing leases.

“A lot of people didn’t do a good job in the boom. We’re cleaning up the mess,” Hecht (pictured) said in an interview.

Hecht has brought on new partners to help steer the growing enterprise. Argentinian-born Fernando Pastor is his “master planner” for new projects as well as head of a new division offering design advice to other property owners. Jeanne Consiglio (niece of Sal and Flo Consiglio of Sally’s Apizza fame) is running a new brokerage arm marketing properties (like the Whalley and Winthrop lot) for other owners. Meanwhile, Carol Lopez-Smith has, over four years, built up the leasing side of the business, personally visiting the homes of Section 8 applicants before deciding whether to rent to them. (The three are pictured at the top of the story.) Hecht and Pastor met through a mutual friend after they both bid, unsuccessfully, on a city sale of the old Lovell School in East Rock.

Hecht’s role includes scaring up the dough to fuel Pike’s buying spree and give steady work to its 50-odd direct employees and some 100 employees of five teams of contractors.

“Money’s coming from Canada. Money’s coming from Tel Aviv. Money’s coming from New York City. Money’s coming from Florida. Money’s coming from all different types of families and institutions that believe in the future of New Haven thanks to the work of the mayor and [Yale Vice-President] Bruce Alexander,” Hecht said.

How much money? “Tens of millions of dollars,” Hecht said. Asked for specifics, he said the total has topped $20 million since the recession hit.

How many apartments? Pike now owns about 1,000 in town, with more to come, he said.

Pike is privately held. Hecht structures separate syndication deals for each property or cluster of properties, each under the name of a different limited liability corporation. So hard numbers are hard to come by; the ubiquity of the Pike signs and all that construction are the more visible evidence of an empire in formation.

Other investors hail from Fairfield County and from California and South Carolina, Hecht said. He called the investors “generally high net worth families looking for long-term growth and stable investments, not the speculative type that took this country down. Also hedge funds and private equity firms.”

Hecht, who’s 36 years old, has made this bet before. A rabbi, he came to town in 1996 to build an independent Yale-affiliated social and educational society, first called the Chai Society, since renamed Eliezer. It has become almost like a version of Skull & Bones, hosting visits by world leaders at its Crown Street townhouse. (Cick here to read a recent Time magazine story on the society.) Hecht continues to serve as the group’s spiritual adviser while separately commanding the Pike ship.

That society purchased a Crown Street brownstone with the financial help of an Israeli-born businessman Hecht had gotten to know in New York’s diamond district. Hecht noticed that the purchase seemed like a smart real-estate deal. Yale was investing more in New Haven at the time. He noticed that Crown Street and other areas were rising in value—even though a recession had hit New Haven. He noticed properties selling for cheap all over town. New Haven was a “penny stock,” he decided.

So in addition to building up Chai/Eliezer, in 2000 he formed the real estate company that would become Pike, and tapped a growing network of worldwide investors. He bought trashed abandoned condos in Fair Haven Heights. He bought apartment buildings in the Elm-Lynwood Place corridor to market to Yalies, among others. he bought apartments on Frontage Road—across from where Yale-New Haven embarked on building a new cancer hospital. He bought an apartment complex on Elm Street in the Edgewood neighborhood. He looked for stately East Rock homes to rebuild. He bought all over town, developing his portfolio as prices remained low, then upped the value of those properties.

Pike also bought around 1,000 units in Hartford and Waterbury, according to Hecht. The market in those two cities wasn’t improving so Pike started selling off its stock there in 2005. It’s looking to reinvest there again now that prices have hit bottom.

But Pike never lost faith in New Haven. It kept building up its portfolio. When the market collapsed again in 2007 and 2008, Pike had the wherewithal and investors to swoop in again and advance to the next stage.

Its challenges now aren’t where to find the properties or the workers or even, it seems, the tenants. The challenges including managing growth without sacrificing quality; and navigating the line between raising property values and attracting wealthy tenants. The company needs to avoid overheating the market or pricing out the many lower-income and middle-class renters in what’s still a poor city.

One tenant, at Quinnipiac Gardens, complained that Pike has raised her rent but hasn’t improved the place. Hecht said Pastor is drawing up the plans for a “total overhaul” of the complex a la Ethan Gardens. He said rents rose because of heating cost hikes and tax hikes.

The key to success will lie in remaining “local,” which means New Haven and the surrounding region, Hecht said. He cited a remark one of his “great mentors,” New York builder Kamran Elghanian of TF Cornerstone, once told him: “Real estate is a local business.”

“Pike International is poised to lead the real estate industry in Connecticut over the next three to five years,” Hecht predicted. “You won’t see us buying in Florida or Vegas any time soon.”

Another part of Pike’s strategy involves close attention to the renters it takes on. Lopez-Smith cited her visits to Section 8 applicants’ current residences. “We want to see how they keep their homes. If it’s in good shape, we take them.” But not if a property is “trashed.”

“It’s important to know the tenants personally,” said Lopez-Smith, who has a seemingly photographic memory for the number of apartments and the life stations of the renters at Pike’s properties.

Lt. Ray Hassett, the top cop in the Dwight/Kensington neighborhood, has noticed the effort Pike puts in to screening. He’s also noticed how promptly Pike’s staff responds to police concerns about problem tenants. “They’re always there for us,” Hassett said. “They’ve got a tight operation. I have only good things to say about them.”

Mayor DeStefano observed that Pike “thinks strategically” by identifying clusters of properties to purchase and fix up, thereby increasing the probabilities of success at each location. “It’s more than buying here and buying there,” he said, but rather creating “corridors that strengthen neighborhoods.”

For instance, next door to the Park Street studios Pike is refurbishing, the company’s logo appears at another active apartment building ...

... as well as at two contiguous brick apartment buildings directly across the street (and up the block from the Yale hockey team project).

These apartments, directly across from the Hospital of St. Raphael, fit into an emerging Pike cluster. Master designer Pastor said he imagines that cluster starting with Ethan Gardens a block to the east, extending through to Pike’s Winthrop building to the west, on toward Edgewood Park.

Up On The Roof

Pastor sketched out another cluster vision as he walked to the western edge of the roof at 140 Orange St.

Steps away, workers were turning the roof into two patios for tenants about to move in the building.

The building’s previous owner hoped to turn the vacant upper floors into apartments. But the plan never materialized. When Pike bought the building, Pastor and Hecht liked the plans that architect Arnie Gantz had draw up. So they hired him and went about creating the eight apartments. So far, four tenants have signed leases to move in Aug. 1, so crews are racing to put in the finishing touches.

The penthouse loft is the showpiece. A couple—he works for a Hartford insurer, she commutes to New York—have grabbed it for $3,150 a month, according to Lopez-Smith. Besides a private rooftop patio, the duplex features two bedrooms, a couple of bathrooms, granite countertops, skylights, a washer and dryer, and central air-conditioning.

A studio in the building goes for $1,250 a month, a one-bedroom $1,850.

Pastor has his sights on the rooftops right below the building, belonging to a long one-story building (three stories in front) that begins on Chapel and backs onto the Federal Plaza interior courtyard.

Several stores occupy the building’s first floor. An assortment of businesses, from Alisa’s House of Salsa to Haven Hair Braiding, occupy some of the upstairs rooms.

Pike currently manages the property for the out-of-state owner; the two parties are in negotiations for Pike to assume ownership.

At that point, Pike plans to turn much of the upstairs into apartments. Pastor said Pike also plans to build new apartments on top of the existing roof. He also envisions a rooftop restaurant accessible from Federal Plaza.

“The city is such a potentially amazing opportunity to develop all sorts of housing and retail,” remarked Pastor. “The market is ready.” The fortunes of both some well-heeled out-for-state investors and more than 1,000 tenants and neighbors hang on that prediction.

Allan Appel contributed reporting.

Comments

posted by: DEZ on July 8, 2011 11:59am

Exciting news! I’d personally host a cocktail party for the Pike team to get to know the owner/owners of the Schiavone et al properties on East Grand, the stalled Quinnipiac River Village. Buildings that should have gone, never went, and buildings slated to stay are crumbling at an alarming rate. It shouldn’t fall on neighborhood citizens (Thank you Chris O.) to cover graffiti on commercial properties because the owners are neglectful.

posted by: Raymond Neal on July 8, 2011 12:06pm

It seems like New Haven is obsessed with big. So will Yale and Pike own everything? I would favor a broader more diverse group of land owners. Too much power in the hands of the few is always dangerous.

posted by: anon on July 8, 2011 12:44pm

This is a good move. Since cities are much more economically dynamic than suburbia, as well as safer (after accounting for car crash rates), they will continue to attract a very stable flow of real estate investment and people. The ‘burbs are the slums of the future. Nationally, poverty is skyrocketing in the suburbs and declining in central cities. This trend has also been seen over the past 10 years in New Haven. If suburbanites want to see their property value maintained, they should be working harder for improved mass transit, like what Ansonia and Milford are doing to get better rail service.

posted by: The Count on July 8, 2011 1:09pm

Two words: Joel Schiavone.

posted by: Atwater on July 8, 2011 1:42pm

Gentrification continues, so does socio-economic segregation. Pike raises rents in “desirable” neighborhoods hoping to lure big spenders, but this won’t happen. One cannot justify the expense of city living when there isn’t really any value. A person could pay a mortgage for some of the rents in Wooster, Downtown or East Rock and why wouldn’t they? I’d rather raise a family in a small, quiet and safe town than in a city whose school system is falling apart, has horrible roads, has a high crime rate (that seems to just get higher), and has ridiculously high property taxes.
Rent stabilization and control should be mandatory for all large residential property developers/owners. Attract the working class back to New Haven, only they can save the city.

posted by: anon on July 8, 2011 2:35pm

Atwater, you agree that gentrification increases, then make the claim that nobody will pay higher rents. That logic doesn’t add up. People are paying higher rents, and investors are pouring money into New Haven, precisely because people are willing to live, work and shop here. New Haven has had the highest grand list (property) growth of any city or town in the entire state over the past few years, and added more population than any other city or town in the entire state over the past ten years.

That said, I agree that, when it comes to large building projects, the State needs to promote the set-aside of a significant proportion of units for “workforce” housing. Many other cities, states and countries do this. In the case of Pike, however, I think you would find that many of their units across the entire city fall into the category of “workforce” housing, as they are affordable to the majority of the working population.

The people who are complaining about increases in rent from $600 to $800 per month should be working towards lower property taxes citywide, as that’s the only thing that would have prevented the rents from being raised. The typical property tax bill has skyrocketed over the past 10 years.

posted by: Frank D'Ostilio on July 8, 2011 2:53pm

Shmulley Hecht has done a great job of stabilize neighborhoods and continuing New Haven’s Renaissance despite a national recession. Other investors are following his lead. Hecht has a gift for choosing the best talent and it permeates his organization. New Haven can only win with Hecht.

posted by: Atwater on July 8, 2011 3:13pm

@anon: I should have phrased my previous comment differently. The attempts toward gentrification continues. I don’t agree with the assessment of the city’s future, I am sure the increase in population has a lot to do with Yale University. This city has seen a lot of periods of hopeful growth, all have failed. The cost of living in New Haven is too high to sustain any middle-class or working-class population. What is happening though is an increased polarization of the community. The upper classes populate Wooster, East Rock, Westville and Downtown. The working class/working-poor are relegated to Newhalville, Dwight, The Hill, etc. Pike Properties seems to be profiting from this polarization. The only way to create an equitable socio-economic distribution is through mandatory rent control and stabilization.

posted by: PIke Tenant on July 8, 2011 3:47pm

I live in a Pike property and among the issues we have to suffer are:
slow maintenance response to emergency issues including lack of hot water, leaks, mold, and broken appliances.
ongoing mice and cockroach issues
ever increasing rent

Before you sing their praises interview their tenants.

posted by: Threefifths on July 8, 2011 4:58pm

Is Rabbi Shmully Hecht founder of Chabad at Yale and spiritual advisor of Eliezer the Jewish Society at Yale and a friend of Mayor Cory Booker of Newark NJ…

http://momentmagazine.wordpress.com/2011/04/04/skulls-bones-and-jews-at-yale

posted by: History repeats itself on July 8, 2011 5:03pm

Pike International, formerly known as Preperty, formerly known as Saturn Rentals, formerly known as…

This is a surprisingly gushing article for the NHI to have run. Look up those prior company names on yelp.com, Google, Yahoo, and other web sites for tenant perspectives on this landlord.

posted by: nfjanette on July 8, 2011 5:20pm

It is laudable that Pike has invested in city properly and appears to have done a generally reasonable job with work on the
buildings. However, despite the reporter’s almost shameless promotion over the success stories, an investigation of some of
the non-showpiece properties might uncover some less impressive work.

The complex on Elm Street situated in our neighborhood has not enjoyed good property management. A comparison with the well
maintained complex next door reveals how wanting the Pike complex is in many ways, particularly with regard to security lighting
issues. The contrast between the two complexes at night has to be seen to be appreciated. Some of the area around the Pike complex is a “black hole” at
night with two small lights (one currently working) barely shining along the Elm Street side and a complete reliance upon the
complex next door for alley lighting. Dark apartment complexes enable potential crime and that corner at night has seen its share of issues.

There have also been regular issues with tenants who rent apartments as “party houses” and blast the neighborhood until the wee
hours. At one point, we were directly calling district police supervision to pay his weekly call to the place. The management company
has often dealt with calls to complain with either ignorance or arrogance - neither of which has resulted in good relations with neighbors.

I hope that the reported fiscal success of Pike will translate into better maintenance of this complex and better responsiveness to neighborhood concerns.

posted by: Jonathan Hopkins on July 8, 2011 6:56pm

I remember as recently as a few years ago, there was a proposal for a Wendy’s Fast Food Restaurant on the Whalley and Winthrop lot. Hopefully that prominent lot can be put to much better use. The City’s Whalley Avenue revitalization project of the last few years have made so needed improvements to the sidewalks and some building facades.
I’d like to see a 5 story building on that lot with first floor retail, second floor offices, and 3 floors of residential units. Something like this:
http://tinyurl.com/3ltbk2r

posted by: John Fitzpatrick on July 8, 2011 8:25pm

Last year Pike bought a building in West River less than a block from me and did a great job fixing it up. The restored the exterior, put in beautifully stained wooden doors, installed attractive lights by the doors, rebuilt the steps and walkway, and landscaped the property. They got rid of problem tenants and attracted good ones, and their maintenance manager has attended a couple of our block watch meetings. It’s been a huge help in our work to improve the neighborhood. Now if they would just fix that sidewalk…

posted by: east rock resident on July 9, 2011 1:41am

I suppose this is the reason that rents have skyrocketed in East Rock these past couple of years. Now all the property owners are following suite and charging astronomical prices for rather small spaces. Its getting out of control. Who can afford to live in this city anymore?

posted by: Maureen LeMure on July 9, 2011 10:07am

On first reading I thought this story was just a paid infomercial. On a second and more detailed reading my opinion darkened. ... Then I read DeStefano’s praise, and began to think this is subtle electioneering. I’m glad I used to read Saffire’s column in the Times every Sunday. Manipulation of the subconscious is still not an accurate science.

posted by: Laura McCargar on July 9, 2011 11:26am

This article is disappointing and does not reflect the standard of reporting or investigation that I’ve come to expect of the New Haven Independent. I know several tenants who live in Pike properties and to say they were in neglected condition would be an understatement. A coincidence that these properties are in the poorer areas of town and occupied by mostly people of color? I think not. A photo of showpiece penthouse is nice, but why not tour some of the other properties and take time to actually interview tenants who represent a cross section of those residing in Pike Properties.

posted by: New Haven Resident on July 9, 2011 2:11pm

I am really surprised that the Independent, usually so diligent in researching its stories, did not attempt to really dig into Pike and how it does business. ...
It’s one thing to look at the “facade” of Pike, but a balanced article would have looked deeper and seen how their “screw everybody” attitude has impacted those who, in good faith, have worked for them.

posted by: Chris d on July 9, 2011 4:34pm

This is sad to me. I lived in one on of their buildings for five years. They were the worst landlord you could imagine….

posted by: seenfirsthand on July 9, 2011 7:26pm

You have no idea how over rated Pike is! Wait until the problems start and you continue to get yes’d to death with no real results. Not saying all buildings are like this, but you guys just have no idea what the city is in store for with this company ...

posted by: seenfirsthand on July 10, 2011 2:54pm

PS>Hecht had someone leave invitations at city hall in employees mail boxes for a fund raiser for who else??? Yes that is right,John D. Oh gee, I wonder why the mayor is singing praise about Pike?

posted by: Donald Duck on July 10, 2011 4:33pm

As Pike and other big fish turn resdidntial units to luxury units and hike rents, what is to happen to all the poor and working poor of NH who now live in these units? Are they to be deported to other areas of greater NH to make way for the beautiful people ?
Is it your opinion that downtown NH and other areas in NH should become like Manhattan a playground for the rich , famous and beautiful ?
Investigative reporting ought to ask some hard questions.

posted by: anon on July 10, 2011 10:16pm

East Rock Resident, I’m with you that rents have skyrocketed in East Rock (and other “hot” neighborhoods in New Haven), having watched the market go from where you could get a shared apartment for $250 to where $800+ is a norm. This is not because landlords are charging more. There are three reasons why rents are going up:
1) House prices went way up. A multifamily house in East Rock selling for $150K in 2000 now will run you $500K. All those new landlords need to pay their mortgages.
2) The New Haven market has one of the lowest apartment vacancy rates in the United States - we trade off and on with New York City for first or second place. Every person under the age of 40 in the entire State of Connecticut now wants to live in East Rock, or similar section of New Haven. Have you paid attention to who your neighbors are? Ten years ago they used to be Yale grad students or folks working somewhere in West Haven, now they are much more likely to be employees working for some major corporation located 20, 30 or even 50 miles away from New Haven.
3) Many apartments are being turned into condos. This is the reason I was “gentrified out” of my last apartment in New Haven. More condos means fewer apartments for the same number of people. The same thing has happened in New York City and other hot markets.

posted by: anon on July 10, 2011 10:49pm

“Are they to be deported to other areas of greater NH to make way for the beautiful people?”

Few people are being “deported” from their homes - this is not China. Rather, lower income residents are choosing to leave New Haven and live in places like Ansonia, Waterbury, West Haven and East Haven because they can find cheaper rents, Section 8 units, and more space for their families in those places. Higher income residents are choosing to live in New Haven because it offers a far higher quality of life than the sprawl does.

The only way to reduce gentrification and polarization would be to 1) reduce income and wealth inequality, which has reached incredibly high levels in America, and 2) to promote more equal opportunities for all residents by investing in our infrastructure (transit, schools, small business creation, etc.). Unfortunately, all available evidence proves that #2 is impossible unless #1 is addressed—see http://www.vanityfair.com/society/features/2011/05/top-one-percent-201105

posted by: Lincoln Robertson on July 10, 2011 11:01pm

Mr Bass

Will you please post the web site address where we can all look up who is making contributions to political campaigns this fall

posted by: Cinderella on July 11, 2011 8:57am

If you put up an awning, people immediately think “upscale.” Pike seems to know this and even puts awnings on their poorly managed and maintained apartments.
It would appear from some of the comments below that the awnings merely serve to deflect a strong light shining into what is really going on behind those newly refinished doors.

We’ve seen it before. But, I ask you, who else is going to buy and renovate these derelict buildings? A conundrum, for sure.

posted by: Former Pike Tenant on July 11, 2011 3:23pm

This article is a joke. As a former Pike tenant and as some comments mention below, go interview Pike’s tenants, see how good of a job they’re really doing… Over the 3 year period we lived in their property we went without hot water on several instances for weeks at a time, no heat in the winter for weeks at a time. I had to call the police and LCI for them to finally come and address the issue. Management? What management? No one would return phone calls, it would take months and lack of rent payment for Pike to acknowledge anything was wrong and another week to come fix it. They have more properties than they know about, they didn’t even know what utilities they were supposed to be paying, whether the heat was gas or oil, where the furnace was located. We would get notice in the mail of the water being turned off for lack of payment. Notice of heat being turned off for lack of payment. ... PIKE IS A JOKE, HENCE THE REASON THEY’VE CHANGED THEIR NAME FOUR TIMES!!!

posted by: Gnuhaven on July 12, 2011 7:36am

I am surprised that the Independent did not look into why Pike keeps changing names. Their tenants and former tenants and competitors can tell you why. This is not something to be heralded, but it is a good heads-up!

posted by: PIke Tenant on July 12, 2011 2:45pm

Former Pike tenant,
Thank you for sharing this. You’re absolutely right about their ridiculous level of disorganization. Did the Independent bother to take a peek into Pike’s office? Go up to the second floor and it’s a mess of papers. Go to some of the offices of the better property managers in town and you’ll see that they have clean offices and organized filing systems. Why is pike spending all this time buying up the city when they can’t even keep themselves organized? Are they even trying to run these properties or just make a profit?
I’d hate to see all the apartments and homes in Haven become rat and cockroach infested, moldy, broken down, heat and hot water free hell holes.

posted by: therealdeal on July 12, 2011 5:56pm

... I see Pike popping up everywhere and my aunt lives in one of their infested properties on Ellsworth. I would like to see public hearings on their dealings in New Haven. What do the aldermen think?

posted by: Chris D on July 12, 2011 8:06pm

Every time I look at this story I get more upset. I tried posting a response the other day but it never appeared. Five years I lived in one of their apartments. The rent was insane and the building kept getting worse and worse. We would go days and sometimes weeks without heat. The tenants would knock on each others doors borrowing blankets. I was dressed like I was out snow tubing most nights during the winter months. The parking lot that we paid to park in was a mound of snow and ice and I sent the manager an email after wiping out with all my complaints about their lack of ability to manage. One of their big wigs called me and wanted to come out to my apartment. We set up a time and he didn’t show up and instead sent one of his maintenance people who I had already complained to numerous times. The whole experience was disgusting. The apartment was a dump, their service was horrible, and they priced me out of living downtown.

posted by: Laurence on July 13, 2011 2:40am

“Eliezer is much more than a club at Yale,” says Harvard law professor Alan Dershowitz, who is writing the foreword to a book about the society. “It is a global network of activists who care deeply about the Jewish people and about the world.”

http://tzvee.blogspot.com/2011/03/is-secret-eliezer-society-at-yale.html

CLEARLY this implies that there is ample funding for both Pike and Eliezer, since the founder of Pike is the founder of Eliezer.

posted by: Donald Duck on July 13, 2011 10:41am

“Deported” was not to be taken literally, but the poor mainly minorities are being FORCED to leave NH or so it seems from this article.
Now you claim they are choosing to go to places like West haven, Ansonia and East haven.
Firstly are there any Blacks living in East Haven ?
Secondly how are the working poor supposed to get to their jobs in NH, hospitals in NH etc, public transportation being what it is ?
We also need to define luxury , in many instances it is like a food item labeled natural or organic basically meaningless.
In many cases for this developer it means an awning , fancy logo and some facade work and of course much steeper rents.
It seems that Mr. Bass is fascinated by Shmulli Hecht as he had him on the cover of the NH Advocate when he published that newspaper.I wonder how many other real estate mogulsin NH have gotten such excellent coverage by Mr. Bass in the last 10 years.
May I add I think the real crunch for many of our Liberals(actually Limousine Liberals) is when the “needs” of the chic and hip conflict with the real needs of the Urban poor and that is usually in the arena of housing and the resulting gentrification.
This is an issue faced in many other cities as well.

posted by: Zebrum on July 18, 2011 2:45pm

Pike intl. is a very decent company.
I have personally worked in property management in the past, I know the many challenges large companies whom buy and manage themselves have.
No real estate company is close to perfect, there will always be problems with older buildings.
The thing I like best about the company is that they but distressed properties and stabilize them, which in turn is good for tenants, the city, and the neighbors. These houses and the houses next to them would otherwise sit vacant and in terrible shape for the foreseeable future.
there is always room for improvement!

Keep it up pike.

posted by: Rebecca Wilkin on July 19, 2011 7:23am

My boyfriend is a contractor. He’s worked for this company on several jobs. Several he has never been paid for. Currently, we have been waiting for over two months to be paid for repairs made to a building. They obviously rip off a lot of contractors, and I see tenants complain about the conditions of the apartments. I believe, because it is such a large company, some of the “middle men” are doing funny things with the money and not paying the contractors. We’ve been told there is a check around here somewhere for you, by Evan, he just can’t find it, that was weeks ago.

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