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I just found an apartment that's listed for $3,662.64 The leasing agent did stress that it's stabilized, but it's priced exactly 1% under the the destabilization threshold, so I don't really get the point. I guess they priced it for suckers, in which case they're guaranteed to raise it by $1,000 (market price is at least 4.5K) in the next two years.
Finding them as in physically being inside of them and being explained by either the agent, landlord, super the requirements to get one mainly no faulty credit history. Or "seeing stuff online".
If the latter its BIG DIFFERENCE.
Actually can see the guy "finding" such RS apartments on the far east or west sides of town. Walk around UES/Yorkville and many of those large buildings from Third going over to East End have "apartments for rent" signs in front. Then there are all the converted/renovated units in the scores of tenement or walk-up buildings. Am sure the same is on the UWS as well.
Problem is likely the rents.
Everyone assumes RS always equates to below market rent, which is not always the case. As we know from another thread if the property is under some sort of tax abatement scheme the units are RS regardless of reaching or surpassing the luxury decontrol threshold.
I know the official NYC Housing website says $2,700 is the phaseout threshold, but if you look on craigslist, there are lots of apartments advertised as "rent stabilized" for $3,000 and more. How does that work?
I know the official NYC Housing website says $2,700 is the phaseout threshold, but if you look on craigslist, there are lots of apartments advertised as "rent stabilized" for $3,000 and more. How does that work?
I know the official NYC Housing website says $2,700 is the phaseout threshold, but if you look on craigslist, there are lots of apartments advertised as "rent stabilized" for $3,000 and more. How does that work?
Likely the building receives some sort of tax abatement scheme thus the units are RS regardless of rents.
Yes, that is true. For instance, the 421a tax abatement that just expired called for the creation of rent-stabilized units in the 80/20 buildings constructed under the law. Similarly, all of Stuy Town and Peter Cooper Village is rent-stabilized, and the renovated apartments there rent for WAY more than the $2,700 figure.
Tax abatements are different from classic rent stabilization though, because they only runs 15 years, and tenant's children can't inherit the lease.
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The leasing agent did stress that it's stabilized, but it's priced exactly 1% under the the destabilization threshold, so I don't really get the point. I guess they priced it for suckers, in which case they're guaranteed to raise it by $1,000 (market price is at least 4.5K) in the next two years.
