Rent Stabilized Apartments to Luxury Condos: NYC Offers it All

Rent Stabilized Apartments to Luxury Condos: NYC Offers it All

In an effort to ensure there are plenty of affordable living opportunities in the city, elected officials frequently work along with tenants and landlords in order to help them reach agreements that are acceptable to all parties involved. On the other end of the spectrum, meeting demand for residential housing, including luxury condos, is another important aspect of meeting market demands in New York City. Fortunately, plenty of people work on a regular basis to help ensure there are appropriate housing opportunities available to residents of the city. Here is a look at a few of the deals that have been recently negotiated.

Crown Heights Apartment Complex Reaches Deal to Offer Rent-Stabilized Units

Thanks to a new agreement that the city reached with the owner of the Brooklyn Jewish Hospital Complex in Crown Heights, hundreds of apartments in the area will remain rent-stabilized for at least the next 30 years. Comprised of six buildings, the development on Prospect Place is home to 700 apartments. While the deal only pertains to five of the six buildings, the agreement still means hundreds of apartments will remain rent-stabilized for years to come.

The final deal was made after two years of negotiations between the city, elected officials, tenants and the landlord, Alma Realty. The biggest obstacle was the landlord, which had actually proposed a rent hike in 2014. After months of campaigning by local residents and elected officials, the developer finally had a change of heart.

Just last year, the City Council had approved a tax exemption for the complex. This exemption helped to make it easier for all parties concerned to come to an agreement on the rental units. Under the guidelines of the agreement, residents that are making no more than 135 percent, 150 percent and 165 percent will be guaranteed rent stabilized leases for the next 30 years, with the percent requirements varying depending upon the building.

Construction Begins on Rafael Vinoly’s 55-Story Nomad Tower

After years of preparation, construction of Rafael Vinoly’s 55-story Nomad tower is finally underway. Speculation around the project first surfaced three years ago after the three-building parcel was sold for what was a record-breaking price at the time.  Located at 281 Fifth Avenue, the 700-foot-tall luxury tower still has a long way to go before it reaches its full 55 stories. Nonetheless, well over a dozen stories of the development are already in place.

A teaser site for the project, which will be named 277 Fifth, was debuted by developers back in May. Once complete, the building will boast at least 130 condos. Some reports indicate the final produce may actually have as many as 141 condos. The project is slated to be completed in 2018 with residents moving into their new homes sometime in the fall.

While housing continues to remain a problem in New York City, including offering enough affordable housing opportunities for all of the city’s residents, steps are being taken on a regular basis to ensure there are housing opportunities available to meet the needs of the city’s diverse population.