"City Hall just released details of the deal. Another 1,400 apartments that were going to lose all rent protections in 2020 will get another five years of such protection with rent hikes capped at 5 percent per year. And the administration notes that some market rents in the complex were as high as $10,000 a month. By that measure, $3,200 is a bargain."
If true, this means that the "base rent" of some apartments may have gone up 10K per month, an astonishingly high number. My assumption is that no tenant is currently paying that much, but rather a far lower "preferential rent," but this info is still troubling, as it indicates the success Tishman-Speyer and CWCapital have had in raising the base rents of MR units.
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