Changing fortunes of Independence Plaza

Tribeca’s 1,300-unit Independence Plaza, a former Mitchell-Lama, has seen skyrocketing rents since leaving the affordable housing program in 2003. Rents for market-rate two-bedrooms in the complex are approaching $5,000 a month, or about five times what they were going for just a few years ago. The three 39-story towers that comprise Independence Plaza helped make Tribeca the luxury district that it is today, since it brought residents to a then-barren area of Manhattan where not many people lived. Some of the complex’s tenants are suing their landlord, Larry Gluck, saying some of the buildings’ tenants that are now market rate should have been rent-stabilized. more [Sun]

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