Residents of Trinity House, the Upper West Side apartment building owned by the Trinity School, narrowly avoided having the building sold to a private developer with plans to take the building condo. But the tenants are not, it turns out, totally in the clear. DNAinfo reports that Trinity School is once again at work on a deal with the city that would raise rents by up to 85 percent at West 92nd Street's Trinity House. The rents, which now average $600/month, would go up over the next five years, and the apartments would remain affordable for 15 years. The school, which houses 39 of its own teachers in the building, would also subsidize tenants' rents so that no one is paying more than 30 percent of his or income on rent. While waiting for the apartments to go market-rate, the school would get the income from the building's parking garage. Deal? Not if the tenants get their way. Their latest counter-proposal is to buy the building from the school, but it's hard to imagine they could add as much as Trinity's hoping to the school's "insufficient" $40.4 million endowment.
· Elite Prep School Could Hike Rent Rates Under City Deal [DNAinfo]
· Trinity House coverage [Curbed]