The Catch, in which we present everything-looks-good-except listings, needs you! Send your nominees to email@example.com and we'll consider them for public shaming.
What/Where: 100 newly rent-stabilized apartments in Stuyvesant Town and its classier brother property, Peter Cooper Village.
Looks Good, Right?: Heck yeah, though it's a bit of a luck-of-the-draw thing. Starting today, the rental freeze caused by the chaos of the Stuy Town rent-stabilization lawsuit is over, and there are 100 rent-stabilized apartments up for grabs. Though, as previously covered, some may be disappointed by the new rents, landlord Tishman Speyer did say the crop of offerings will be "substantially below market" rates.
The Catch!: Here's where things get a little sticky. Those 100 apartments most likely come with only seven years of good luck.
The tax credits received by Tishman Speyer for fixing up the grounds (and which prevent the landlord from destabilizing the apartments, the courts ruled) run out in 2017. According to the ST-PCV Tenants Association?their e-mail blast is reprinted on Lux Living?the new Stuy Town leases will contain language saying that once the J-51 tax abatement runs out, the apartment can go back to a market-rate rent. Since most of the new stabilized rents on Stuy Town apartments exceed the $2,000 stabilization limit, it's safe to say many of these apartments will be returned to the clutches of market rates come 2017.
As the Tenants Association points out, this mostly affects existing Stuy Town renters looking to trade up to bigger digs in the wake of the Rentpocalypse. The market-rate leases didn't have the J-51 language and the courts still have to decide if Tishman Speyer is allowed to retroactively add the 2017 disclaimer, but in theory, a newly stabilized Stuy Town renter could be giving up a lifetime of rent stabilization in their current apartment (the "golden handcuffs," if you will) for seven years of the stuff if they move within the complex. Confused yet?
· There's a CATCH to the 100 Vacant Apartments Offer [Lux Living]
· Stuy Town Rent Freeze Thawing: 100 Apartments Available! [Curbed]
· Official Site: Stuyvesant Town [stuytown.com]