The contract that has, for the past 20 years, allowed renters at London Terrace Gardens access to the indoor pool, gym facility, and rooftop controlled by the London Terrace Towers co-op expires at the end of this month. At issue in this situation that is pitting renters versus buyers is the cost at which the deal will be renewed, if it allGardens manager Rose Associates fears that co-op owners in the Towers believe that the density of Gardens users in the facilities would hurt property values. Rose Associates currently pays half of the pool's maintenance cost plus $250,000 so renters can use the facilities; chump change to the venerable Chelsea co-op who is now demanding $1.7 million dollars a year for amenity access, the NYT reports. This figure is up from last year's sorely failed bid of $500,000 per year.
Rose Associates has filed with the state Department of Housing and Community Renewal for guidance on a possible two-percent rent reduction if an agreement is not reached and renters lose access to the pool. "A lot of people rented here based on being able to swim in that pool," a Gardens resident told the NYT. The issue over the pool has the potential to create an air of hostility amongst those living throughout the London Terrace's 14 buildings. It is an air, residents are quick to note, that doesn't currently pervade the tranquility of the pool room. The indoor pool, only one of 150 in Manhattan, is a true rarity.