Stuy Town’s new apartments will be rent stabilized, but probably not affordable

 A building under construction outside the Avenue C Loop (Photo by Sabina Mollot)

A building under construction outside the Avenue C Loop (Photo by Sabina Mollot)

By Sabina Mollot

For those wondering what the new apartments being built in Stuyvesant Town in the old management office building will cost, the answer is that tenants shouldn’t expect a break.

However, the units will still technically be rent stabilized, at least until the year 2020, according to Alex Schmidt, lead tenants’ attorney in the “Roberts v. Tishman Speyer” lawsuit.

“Like all the 11,200-plus units in the complex, they must remain stabilized at least until the J-51 benefits expire in June 2020,” Schmidt said.

“But,” he added, “New units, typically, have their ‘stabilized rents’ set at market initially, which can then be increased only at the RGB level thereafter. There may be some nuances to this rule depending on how long the space was utilized as a management/leasing office.”

As Town & Village reported this week, Stuyvesant Town will be getting 11 new units, including a few new studio apartments. Some of those apartments will also have terraces, which, like studios, are a first for Stuyvesant Town.

Interestingly, apartments that were originally on the property had to be taken down in order to create the former management office, Council Member Dan Garodnick said.

Along with the apartments, the building will also soon be home to the Manhattan Kids Club, which is currently located on East 14th Street.

 

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2 thoughts on “Stuy Town’s new apartments will be rent stabilized, but probably not affordable

  1. What a Rip Off! That Roberts Settlement only benefited the lawyers. Is it legal for CW/Compost Crock to remove apartments from the rent stabilization system in order to turn them into dorms? I don’t believe that what they spend on renovations is anywhere near what they claim. I guess this can happen because the REBNY OWNS our elected so-called representatives. That’s probably why so many people don’t bother to vote. They know the winner will be the one with the fullest REBNY coffers and most favors owed to that criminal organization.

  2. Pingback: Stuy Town’s studios hit the market | Town & Village Blog

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