Stabilized buildings in ST, Gramercy saw highest rent hikes in city from 2014-2015

Harvey Epstein, a tenant member of the Rent Guidelines Board, pictured at last year’s preliminary vote (Photo by Maria Rocha-Buschel)

By Maria Rocha-Buschel

Rent-stabilized buildings in the Stuyvesant Town and Gramercy area had the greatest increases in rent in Manhattan from 2014 to 2015, a study released by the Rent Guidelines Board found.

According to the data, announced in the 2017 Income and Expense Study discussed at the RGB’s first public meeting of the year last Thursday, rent went up by 7.6 percent in Community District 6, which includes Stuyvesant Town, Peter Cooper Village, Gramercy Park and Murray Hill.

Rent increased in every community district in the city in that time frame, with only three Brooklyn neighborhoods with higher increases than district 6.

Although rent increases are governed by the guidelines set out by the RGB, variations occur because of vacancy allowances, the termination of preferential rents, individual apartment improvements and building-wide improvements (major capital improvements).

The study, which examines Real Property Income and Expense (RPIE) statements from rent stabilized buildings filed with the Department of Finance, also found that net operating income (NOI) for owners grew by 10.8 percent, marking the 11th consecutive year that the NOI has increased. The study does not break down the NOI increases by community district, but the increase in core Manhattan, which is defined as south of West 110th Street and south of East 96th Street, was 7.8 percent.

Continue reading

Three new members appointed to RGB

K. Sabeel Rahman

K. Sabeel Rahman

By Sabina Mollot

Last Thursday, Mayor Bill de Blasio named three new members of the nine-member Rent Guidelines Board, which means the entire board is now made up of individuals he’s picked or has re-appointed.

The new faces include one owner member, Steve Walsh, vice president of development at Forest City Ratner Companies, and two public members, Helen Schaub and K. Sabeel Rahman. Schaub is the New York state director of Policy and Legislation at the healthcare workers union, 1199 SEIU United Healthcare Workers East and Rahman is an assistant professor of law at Brooklyn Law School, who has also taught and serves as a teaching fellow at Harvard Law School and Harvard College. He was also a fellow at the Roosevelt Institute, where he advised Deputy Mayor for Housing and Economic Development Alicia Glen on issues including regulating the sharing economy, homelessness and place-based development.

Of the three new members, Rahman was the only one to answer our questions. (Walsh and Schaub did not get back to us.)

When asked what made him want to take on the role of RBG member, which, as is widely known, means being the target of heckling by both tenants and landlords at raucous public hearings, Rahman indicated he was prepared for that aspect of it.

“It’s obviously a really important issue so people are passionate about it as they should be,” he said. “I absolutely think it’s an important issue and I’m happy to help where I can.”

Continue reading