The pool party is almost over at London Terrace. The massive apartment complex was built in the 1930s with state-of-the-art amenities and has since been carved up into four co-op towers at the corners of the full-square-block development, with rental buildings in between. London Terrace Towers (a.k.a. the Co-ops) has charged London Terrace Gardens (i.e. the Renters), managed by Rose Associates, $250K a year for its tenants to access the pool, health club, and roof deck. But last year, the co-op decided it wanted more cash for splash, and is seeking a whopping $1.7 million from the Gardens for continued use. The agreement expired at the end of February with the matter still undecided and tenants hopping
mad sad about losing their amenities. DNAinfo has the latest on the stand-off, noting that the Towers gave the Gardens a 90-day extension to figure out their shiz that is up at the end of the May. The extra time now seems moot, because negotiations appear to have stalled completely.
Renters told DNAinfo all about how much using the pool means to them. Unsurprisingly, no co-op residents commented, and the Towers' manager gave an unsatisfying, not-gonna-budge statement: "The Towers are more than happy to provide a new contract to the Gardens for use of the pool, provided they can come to financial terms." Now check out this video that residents made that includes cute kids and endearing elderly folks explaining why they love their pool.
If Rose Associates doesn't pay up (likely) or forge a last-minute deal with the Towers (possible?), then renters will see some kind of reduction, but based on the pleading testimonials in the video, that probably won't placate them too much.
· London Terrace Rental Tenants May Lose Access to Popular Pool [DNAinfo]
· Access to Pool Still Undecided for Renters of Chelsea Co-Op [Curbed]
· All London Terrace coverage [Curbed]