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NYU Grants Affordable Land Lease Extension

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NYU extended the land lease beneath 505 Laguardia Place—one of three existing towers in NYU's superblock between Laguardia Place and Mercer Street—as long as the co-op building remains affordable under the terms of the Mitchell Lama program. Under the existing lease, annual rent for the land would've risen from $28,400 to 6% of the land's market value in 2014, but the university agreed to limit the increase to keep the residential building affordable. [Curbedwire]