Knickerbocker plaza (New York, York, Yorkville: appointed, apartments, rent stabilized apartments)

[Kefir King]

KNICKERBOCKER PLAZA is a tall, very nice looking re brick residential tower at the corner of 92nd and Second Ave (Manhattan)... guesstimate 300 apartments?

It must have been part of the Ruppert Brewery construction of the early '70's.

I have read that it was once Mitchell Lama rental, then converted to private rental, then converted to Rent Stabilized apartments (not sure of the validity of any of that)...but it looks like MANY apartments are empty with stickers still on the new windows?

Does anyone know what is going on there?

It's a great part of town.

(Lot's of elderly and wheelchairs seem to be coming and going.)

[SUPERCHIC]

have family that lived their It is filled with Drugs and Dangerous people. But the ajoining Yorkville Towers and the other highrise forget the name are condos.......and they hate the RIFF RAFF that come from there. Its very scary n seedy. I would not suggest it at ALLLLLLLLL

[SeventhFloor]

The Letter That Changed the Future - New York Times

[Kefir King]

Thanks SeventhFloor.
The 2007 article was informative and interesting.

I presume the place went into some sort of market/subsidized situation since leaving Mitchelll Lama. Like I said, a LOT of the tenants/owners??? seem very elderly and/or infirm, probably the original tenants form 1975 so some sort of accommodation must have been made.

Remarkable are the huge numbers of new windows with the manufacturer's stickers still on them, a sure sign of empty apartments.

Is the landlord waiting for the market to tighten up? I wonder.

[bmwguydc]

I recall seeing price points for available rentals for a 2/1 that were way beyond what the market on 2nd Avenue would bear for that type of building, akin to what one would find to blocks to the west in much more of a luxury building/smaller building in Carnegie Hill. I seem to recall someone telling me that they were asking around $3700 for a 2/1, which is quite a jump from Mitchell-Lama rates.

There must have been some settlement reached when the building left Mitchell-Lama, though Waterside Plaza successfully left the program and converted to market rates because I don't think the property was vacated and upgraded to warrant the new asking price point.

[LizfromtheBronx]

I looked at a studio in this building a year ago, before my last move. They said that the building was undergoing a massive gut renovation. In fact, the apartment I saw was in the middle of it (they did show me another unit that was done so I would see what it would look like once completed). The price was quite reasonable for the area/building, and utilities were included. The renovations were pretty nice, as well.

There were a LOT of elderly people in the lobby - so I am guessing that as they pass away, their apartments are being gutted and turned over.

Someone had just looked at the apartment an hour before I did, so they put their app in first. I was disappointed at the time, but am much happier with where I ended up, so I guess all's well that ends well.

[LizfromtheBronx]

Oh, and just to add some data....I looked at a medium size studio (no D/W, altho I believe all of the larger units have one). $1650 including G/E.

[Kefir King]

That seems something of a bargain these days, Liz.
Was there a doorman/concierge?

Did you look at anything larger?

If you took the apartment did they give the impression that you would be under Rent Stabilization?

[LizfromtheBronx]

It was a great deal! I would have definitely taken it had I gotten there first. I believe in the summer, there was a $20 supplement for AC (much better deal than my electric bill that's quintupled over the summer!!!)

There is a doorman, several high speed elevators, etc etc.

I only saw the one studio (I am terrible at estimating sq footage, but I would say maybe 350/400 for main living space), which was sort of square shaped, not an L or the long straight style. The apt they showed me to demonstrate what the reno would look like was a 2 bed, and it was utterly gorgeous. I don't think I asked what that was going for - no need to torture myself

I can't remember about R/S - just looked back through the email chain with the broker about it, but it doesn't mention anything. I do know that it was a no-fee.