I saw this interview last week with the owner of Tzadik in which he bragged about owning a ranch in West River. While this shouldn’t surprise many folks, 1) not sure I would talk about that publicly while your tenants are living in filth and 2) not sure I am buying the West River Rancher story with your Miami swagger. Who are you? Billy Crystal in City Slickers?
The untold story is the Mayor has been supposedly in negotiations with different property investors trying to purchase the portfolio from Tzadik. I guess 2 offers were made and turned down by Tzadik. Not sure what the asking price is, but someone mentioned to me they think it is $80 Million. The current owner says he has 2,000 units in the portfolio so that would be $40,000 a unit.
While I will commend the Mayor for trying to remedy the situation, this is NOT how to do it. The city’s responsibility is to the tenants and their safety, not whether or not Miami Boy gets a return on his investment.
So publicly he is telling folks he is turning code enforcement on them, but behind the scenes he is trying to sell off the problem.
He really doesn’t know how this transparency thing works. Does he?