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Saturday, March 28, 2015

Monday, March 16, 2015

Preferential Rent Vs. the Legal (Real) Rent

There have been questions on two STPCV Facebooks about rents being raised more dramatically than seemingly allowed by the Rent Guidelines Board every year. The questions were answered, but I may has well stress the facts here. I will also be adding this info the side bar.

Basically, if you are a newer tenant, you will probably be charged a "preferential rent," which will be stated in your lease rider. This preferential rent will NOT be the rent the landlord CAN charge you, which would be the legal rent. It doesn't matter that all apartments in Stuyvesant Town and Peter Cooper Village are rent stabilized, one "victory" that was the outcome of the Roberts decision. (And what a joke that victory turned out to be!) Upon lease renewal, the landlord can charge as much rent on your "rent stabilized" apartment as the legal rent allows, the preferential rent be damned.

Because of the high turnover of apartments in this community, via the transient student population, the legal rents of many apartments are now very high, a major reason the landlord loves and welcomes students, of course. (And when are the politicians going to close this loophole?)

Chances are that your new apartment in STPCV will have a preferential rent to lure you in. But BEWARE: around the corner could be an increase that could shock you.

If you are about to rent an apartment here and would like to stay long term and call this your home, please be very aware of this. If anyone makes you a promise that your rent will remain what it is, excepting normal Rent Guidelines Board increases: 1) make sure you have that promise in writing, and 2) make sure your lease explicitly states that your preferential rent will remain in effect for the entire term of your tenancy. Chances are very good you will get neither.

You can read more about preferential vs. legal rents here:

Friday, March 6, 2015

Read This and Be Prepared to Gnash Your Teeth

Unlike many of his more wary real estate brethren, Rob Speyer moved quickly to build a strong relationship with New York’s liberal mayor, Bill de Blasio, after his election in 2013.

The relationship flowered, and Mr. Speyer, whose company owns Rockefeller Center and operates on four continents, was a host at Mayor de Blasio’s birthday party at Gracie Mansion last May. At a real estate gathering five months later, Mr. de Blasio singled out Mr. Speyer, telling the 6,200 attendees that the developer was “tremendously civically oriented.”

While enjoying a close relationship, however, the two men do not seem to be on the same page when it comes to the pressing need for affordable housing in a city where rents are soaring beyond the grasp of the poor and middle class.

More at the above link.

Perhaps Bill can ask his buddy for a return on the billions that Robbie weighed down tenants with when his then-property ownership of this complex went bust.