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.

 

Coming soon to Stuy Town: Studio apts., terraces

 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

CWCapital is adding new apartments to Stuyvesant Town. The units — which will be a mix of studio and two and three-bedrooms — are being constructed on the site of a former management office on Avenue C.

In all, 11 new apartments will be built, a few with terraces overlooking Avenue C, according to sources. Terraces and studios are both something new for Stuy Town. A spokesperson for CWCapital declined to comment on the apartments or the rents for the units.

The office space on Avenue C was destroyed during Hurricane Sandy. Before that, the space had been apartments, according to Council Member Dan Garodnick.

Garodnick — who has been a key player in the development’s future — said he is monitoring the apartment development “to make sure the rents for the units are in compliance with the law.”

CWCapital, the financial services giant that holds the keys to Stuy Town, last month agreed to extend a deadline on talks to keep the apartment complex affordable.

While no set plan has come out of that yet, Garodnick told T&V that information is still being exchanged and he’s been in “close contact with the de Blasio administration and CWCapital. The tenants are part of this process.”