Pedro Elsbach, here in front of one of his houses in Berlin, can be reached by the tenants.
Image: Jens Gyarmaty
You can make a lot of money with apartments. About a Berlin family for whom the socially just city is more important than big business.
WIf that's not a lavish legacy: an apartment building in the inner-city Berlin-Moabit, 19 apartments plus three commercial units. It was only at the end of the 1990s that the last owner had the typical old Berlin building renovated. The property, estimated to be worth three and a half million euros, is in good shape. Now a sole heir receives the four-story house with the yellow and light blue facade. That sounds like a hefty income, a carefree life, a dream. Just as many people imagine.
But here things are different. The single homeowner, who died in the summer, had made the “Elsbach Foundation” the sole heir. Their idea is nothing less than this: a fair, social city. The rental house becomes part of the foundation's assets.
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