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.

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