Showing posts with label rent stabilized apartments. Show all posts
Showing posts with label rent stabilized apartments. Show all posts

Sep 2, 2015

711 WEA | Condos & Rent Stabilized Apartments


 Thinking outside the box?

711 West End Avenue an unusual project is being developed by Kaled Management and developer P2B Ventures on West End Avenue on the Upper West Side. The developer will work around rent-stabilized tenants by building luxury condos on top of them
An artist's rendering of the proposed new 95th Street garage entrance
711 West End Avenue on the Upper West Side approved by the Department of Buildings one day before the avenue was landmarked, to construct a 10-story luxury condominium on top of their 6-story, circa-1952 brick apartment building. 

The top 10 floors will sit on a steel and concrete platform supported by a crisscrossing steel super structure surrounding but not touching the lower building. Other than the shaft for a new elevator and fire stairs that will run from the lobby to the new eighth floor, the buildings are totally separate.
10 story condominium is planned above the existing seven-story building
Because the existing building's 144 apartments are stabilized, the developer doesn't have the legal right to evict tenants from the building for a ground-up renovation. Their solution involves digging trenches for 18 multi-ton pilings around the existing structure. These pilings will support a steel and concrete platform, which will hover six feet above the roof of the existing building, and will be topped with 10 additional stories of condos. According to the NY Times, "the facade of the Art Deco-inspired addition will obscure the gap" between the old structure, and the new.

The project is being developed by Kaled Management and developer P2B Ventures. A website for the project describes the project. The new structure will kind of hover above the existing structure, and The NY Times explains "it would essentially sit not atop the old building, but above it, with its bottom floor hovering more than 80 feet in the air."

West End - Riverside Historic Disrict 

 New Developments

Jun 24, 2014

NYC Rent Guidelines Board | Landlord Tenant


The Rent Guidelines Board approved the following rent increases for rent stabilized apartments effective October 1, 2014: 
  • 1 year lease: 1%, with no minimum dollar increase
  • 2 year lease: 2.75%, with no minimum dollar increase
  • No vacancy allowance: the statutory vacancy increases remain in effect
  • Sublet allowance: 10%
The NYC Rent Guidelines Board adopts renewal lease guidelines for rent stabilized apartments, lofts and hotels each year.

Rent Stabilization was established in New York City in the late 1960's to set limits on the amount building owners could raise rents and to set performance guidelines for both the landlord and tenant.
  • Rent increases for one and two year leases are determined annually by the New York City Real Estate Advisory Board.
  • Over the past five years, annual rent increases have been in the 3-7% range.
  • Tenants are guaranteed renewal rights to stabilized leases provided they have fulfilled the terms of the lease.
 Non-Stabilized Building
  • Landlords set a market-value rent based upon current supply and demand.
  • A landlord may, but is not required to, follow rent stabilized guidelines.
  • Renewals are not guaranteed unless so stated in the lease.
  • Rental buildings with fewer than six units are non-stabilized.

New York City Rent Guidelines Board

Renting an Apartment in Manhattan

Jun 25, 2013

Rent Guidelines Board Increases

The Rent Guidelines Board approved the following rent increases for rent stabilized apartments effective October 1, 2013:
  • 1 year lease: 4%, with no minimum dollar increase
  • 2 year lease: 7.75%, with no minimum dollar increase
  • Vacancy allowance: 0% (the statutory vacancy increases remain in effect)
  • Sublet allowance: 10%

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