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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Resident notice for Stuyvesant Town/Peter Cooper re: power status and ongoing elevator repairs

The following alert was sent to residents on Sunday afternoon by CompassRock/CW Capital on the status of power as well as elevator service in certain buildings. As of this alert’s being issued, Con Ed was still on the property making repairs. In other news, the Manhattan Kids Club, which is located in Stuyvesant Town, will remain closed this week, due to significant damage to the space during the hurricane.

 

RESIDENT NOTICE

NOVEMBER 4 AFTERNOON UPDATE

 

We will provide a more comprehensive update on restoration efforts later today. In the meantime, we are posting an interim update to inform residents with respect to continued issues with certain services. Specifically, there are examples of buildings that have had electricity restored, but where there are continued elevator outages. In addition, in buildings that otherwise have power, certain apartment lines remain without electricity. This is due to issues ConEd is having with their power distribution system. Simply put, full electrical service from ConEd has not yet been restored in these buildings. ConEd is on site working to fix these issues. Otis, our elevator service company, is also on site to ensure elevator service is restored as soon as possible following the completion of ConEd repairs.

 

Effected buildings that have been identified are:  

3 Peter Cooper Road

5 Peter Cooper Road

420 E23rd Street

530 E23rd Street

441 E20th Street

 

Additional buildings that experienced similar problems following the initial restoration of power on November 2nd have subsequently had their issues corrected effective today.

 

Additional updates for you at this time:

 

Heating Centers: An additional heating center and cell phone charging station will be activated in the ice rink tent beginning at 1PM today and will remain open until 8pm. The Community Center will continue to serve as a heating station for the elderly from 8am until midnight today. Please inform your elderly neighbors.

 

Greenmarket: The Greenmarket is not on-site at Stuyvesant Town today. The farmers will be joining the Tompkins Sq. Greenmarket (E.7th and Avenue A), which will be open from 8am until 6pm. EBT/Food Stamps/Debit/Credit, and WIC & FMNP checks accepted.

 

Manhattan Kids Club: The Day Care Center located on 14th Street sustained significant damage during the storm. The restoration crew has begun work today. The center will not be open this week. A more detailed timeline of when the center will be reopened will be provided later this week. If you have questions about the center, please call (212) 677-0608.

 

In the meantime, there are a few backup day care centers located throughout the city:

Bright Horizons: http://www.brighthorizons.com/ 

Children’s Creative Learning Centers: http://www.cclc.com/