Stuyvesant Town and Robert Scaglion, a senior managing director with property manager Rose Associates
Rents on nearly 600 vacant units at Stuyvesant Town and Peter Cooper Village are set to climb an average of $2,100 or more in the coming months, according to property manager Rose Associates, following the completion of an average renovation of $84,210 to each unit.
The project, set to cost roughly $48 million, according to special servicer CWCapital, which took control of the property early last year, includes the renovation of the 570 apartments in a similarly modern style to former owner Tishman Speyer, which renovated many of the units when it bought the 110-building complex for $5.4 billion in 2006, according to Robert Scaglion, a senior managing director with Rose Associates.
Scaglion said that despite the increases, which would bring rents roughly up to the market value of similar apartments, the units will remain rent-stabilized. Many of the units have rents of $900 a month, he noted, which would mean those rents would go up to roughly $3,000 a month. … [more]