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Thats great, sometimes landlords agents will do it to entice people breaking a lease and moving asap.
One lottery unit I was considered for offered the 1 month free but the lease had to start within a few days of getting approved by HPD
Ruby's rents for market rate are definitely on the higher end if you dont factor in the monthly non discounted rent, the two months does def bring down net effective rent for the first year or two depending on how long you sign the lease for.
No they're not really.
For new construction luxury multi-family in Chelsea/Far West Side market rate rents are comparable to rest of market.
One bedroom apartments in Chelsea average between $4.3k to about $6.5k. Units at the Ruby may be tad higher but again you have to compare new construction to new construction. There are one bedroom units in busted old RS units going for nearly or over $4k.
Also consider unlike some other new construction luxury multi-family in Chelsea/Far West side the Ruby is more centrally located. This includes being near transit (either at 34th street and 7th or 8th and or 27th/28th and 7th).
For new construction luxury multi-family in Chelsea/Far West Side market rate rents are comparable to rest of market.
One bedroom apartments in Chelsea average between $4.3k to about $6.5k. Units at the Ruby may be tad higher but again you have to compare new construction to new construction. There are one bedroom units in busted old RS units going for nearly or over $4k.
Also consider unlike some other new construction luxury multi-family in Chelsea/Far West side the Ruby is more centrally located. This includes being near transit (either at 34th street and 7th or 8th and or 27th/28th and 7th).
Median 2 beds rent in lux buildings is around 7400. Ruby comes close to it only factoring the 2 months in rent. Not going to compare ruby to busted old units.
Cheapest ruby 2br net effective is 9.1k. Gym is nice, pool is outdoor so not usable for 5-6 months in the year. West Chelsea comes closer to the rents ruby is going for. The condo units being rented out go for rates that could match Ruby, for a rental building it’s definitely on the expensive side(hence the leasing team lowering net effective rents by giving a month or two off)
If their rate was market rate leasing team isn’t stupid to leave money on the table(they’re in touch with reality and hoping their lease up goes well)
Median 2 beds rent in lux buildings is around 7400. Ruby comes close to it only factoring the 2 months in rent. Not going to compare ruby to busted old units.
Cheapest ruby 2br net effective is 9.1k. Gym is nice, pool is outdoor so not usable for 5-6 months in the year. West Chelsea comes closer to the rents ruby is going for. The condo units being rented out go for rates that could match Ruby, for a rental building it’s definitely on the expensive side(hence the leasing team lowering net effective rents by giving a month or two off)
If their rate was market rate leasing team isn’t stupid to leave money on the table(they’re in touch with reality and hoping their lease up goes well)
Seventy-eight units were rented at full or near asking. There are only about ten remaining subject to new concession offer. By any measurement the Ruby has done well in terms of filling market rate units. "Low income" and "affordable" units are another ball of wax.
A building I was reached out in Astoria offered 1 month free to lottery folks but when the time I was reached they didn’t offer that and then the lottery went on live on housing connect again it was recently.
I wish they would offer free months to lottery folks but building like Ruby located in desired area will never offer free months to lottery folks. They will have no problem to fill up the units that’s for sure people won’t say no to this building BUT I you did find out they do please let us know
"Low income" and "affordable" housing lottery tenants already receive discounted rents (sometimes quite deeply) and are rent stabilized. Latter has far more value over course of tenancy than one or even two months free rent at lease signing. How much more do you want?
Landlords can easily recoup anything out of pocket given with rent concessions when initial lease is up. At renewal market rate rent can increase by whatever LL wants, tenant will either have to take or leave it. Being RS means lottery units will see rents increased based upon whatever numbers city authorizes.
LL's generally offer concessions in response to two forces.
1. For whatever reason units in a building are not being rented.
2. Overall market is tough due to economic or other events beyond housing market's control.
After every major economic upheaval that hit NYC concessions or other discounts could be had on rental apartments. Recessions, Black Friday 1987, 9/11/01, Covid, etc... you name it and if rental market softened or fell off a cliff LLs made deals. Two most common were and still are LL paying broker's fee and or "X" month(s) free rent.
Is this for cb preference or they rented out all 3 units in total.
If you are in consideration for one of them could you share what line it is and if the unit is 2 bed / 2bath or 1 bath ?
Good distinction, this is for CB 130%; I'm not sure about other preferences or GP. I'm only in consideration for 1 beds, the 2-beds were leased by the time they processed me.
Good distinction, this is for CB 130%; I'm not sure about other preferences or GP. I'm only in consideration for 1 beds, the 2-beds were leased by the time they processed me.
Dang
I’m very eager to know how did the developer get away with such a skewed lack of 2 beds that are affordable. There are 144 units in total but I’m actually shocked that the community board was ok with such a unit mix.
I feel they may have pulled a fast one. I’d ideally want at least 25-% of units to be 2 beds, with the current units only 7% of them are 2beds
I don’t think I’ve seen such a drastic low number of 2bed units in a lottery, especially with multiple amis
I’m very eager to know how did the developer get away with such a skewed lack of 2 beds that are affordable. There are 144 units in total but I’m actually shocked that the community board was ok with such a unit mix.
I feel they may have pulled a fast one. I’d ideally want at least 25-% of units to be 2 beds, with the current units only 7% of them are 2beds
I don’t think I’ve seen such a drastic low number of 2bed units in a lottery, especially with multiple amis
Community boards can only issue recommendations. They do not have power to stop development. If anyone representing a district can do so that would be city council person from said district.
CB5 did issue recommendation to deny 225 West 28th street and you see what happened there...
Looking ae 243 West 28th street as with all inclusionary "lottery" housing schemes city has to pick it's battles wisely.
At 70% ami you had - 2 Bedroom 3 units $1,699
At 80% ami you had - 2 Bedroom 4 units $1,955
At 130% ami you had - 2 Bedroom 3 units $3,793
At 70% ami you had - 3 Bedroom 1 unit $1,954
That's seven two bedroom apartments for low to lower moderate income households and three more for higher moderate income households.
There are only about twelve two bedroom/two bathroom units in entire building. Cheapest rent starts at $9,050 and goes up to >$15k per month. Thus the lottery families who received those units hit jackpot. You have lower to low moderate income households living in a building they otherwise couldn't afford to get foot past front door. *And* those units are rent regulated.
If have done sums correctly two bedroom units were evenly split twelve for market rate and 10 for lottery with majority of latter skewed towards lower household incomes. That seems like a pretty fair deal. Other developments might have gone with more two bedroom units at 130% or higher.
Community boards can only issue recommendations. They do not have power to stop development. If anyone representing a district can do so that would be city council person from said district.
CB5 did issue recommendation to deny 225 West 28th street and you see what happened there...
Looking ae 243 West 28th street as with all inclusionary "lottery" housing schemes city has to pick it's battles wisely.
At 70% ami you had - 2 Bedroom 3 units $1,699
At 80% ami you had - 2 Bedroom 4 units $1,955
At 130% ami you had - 2 Bedroom 3 units $3,793
At 70% ami you had - 3 Bedroom 1 unit $1,954
That's seven two bedroom apartments for low to lower moderate income households and three more for higher moderate income households.
There are only about twelve two bedroom/two bathroom units in entire building. Cheapest rent starts at $9,050 and goes up to >$15k per month. Thus the lottery families who received those units hit jackpot. You have lower to low moderate income households living in a building they otherwise couldn't afford to get foot past front door. *And* those units are rent regulated.
If have done sums correctly two bedroom units were evenly split twelve for market rate and 10 for lottery with majority of latter skewed towards lower household incomes. That seems like a pretty fair deal. Other developments might have gone with more two bedroom units at 130% or higher.
North tower isn’t even completed and there are a lot more than 12 2 bed units in total that are market rate. Even the south tower isn’t fully leased up as they’re still wrapping up construction and finishing units.
Getting to build extra and getting tax advantages shouldn’t mean you skew the unit mix to studios and 1 beds, there are a lot of families in the cb and beyond who’d want to live in a 2 bed. Can’t imagine people with a couple of kids having to live in a 1 bed unit since with such a small inventory a lot of people will have to downsize. I do understand it’s a very nice building but for families struggling with affordability they should have definitely had a lot more 2 beds
What you’re seeing on StreetEasy isn’t a reflection of their total units. Lots more not catalogued and not even completed for lease up. It’s nearly a 500
Unit building
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