Stuy Town’s studios hit the market

 

Photo of new studio apartment (Photo from pcvstliving.com)

Photo of new studio apartment (Photo from pcvstliving.com)

By Sabina Mollot

For those looking for a cozy, new apartment facing the East River, the wait is over.

Stuyvesant Town’s new studio apartments on Avenue C have hit the market.

Town & Village reported in September that several new studio apartments were being built in the former management office building and that CWCapital was also adding a few terraces on a total of 11 new apartments.

While all apartments in ST/PCV are technically rent stabilized, those that are renovated aren’t offered at discounted rents and the new studios are no exception. Prices on the new units range in price and are listed as “starting at $3,162” for a 393 square-foot option to starting at $3,420 for a 459 square-foot option. The largest studio is around 500 square feet with the cost starting at $3,273. (It was noted in the listing that these prices include special incentives and offers.) The units feature upgraded platinum finishes, upgraded lighting and most have in-wall (under-window) air conditioning.

Bedroom alcove of studio apartment (photo from pcvstliving.com)

Bedroom alcove of studio apartment (photo from pcvstliving.com)

The in-wall air conditioning has also been popping up at other apartments in Stuy Town in recent months.

The prices and information were listed at Stuy Town’s official website, which also said the apartments would become available on January 1, 2015. Four are located at 315 Avenue C. The other is at 319 Avenue C.

For reference, prices on available one-bedroom, one-bathroom apartments in ST/PCV this week range from starting at $3,099 to $3,329.

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.