Little known rent-stabilization decision rarely invoked by FiDi renters

TRD New York /
Oct.October 05, 2012 02:30 PM

Many Financial District residents are eligible to have their units declared rent-stabilized — something many New Yorkers dream of. The one problem is that denizens of the neighborhood don’t seem interested, the Wall Street Journal reported.

A court decision two years ago drew attention to an estimated 6,000 apartments in the area that received 421-g tax abatements after 9/11. Residents of buildings that received the subsidy to convert to residential from commerical are now eligible to file for rent overcharges or to sue and have their apartment declared rent-stabilized, the Journal said.

The lack of interest may be due to demographics, the Journal pointed out. Many Financial District inhabitants are young Wall Street types who move frequently, or upgrade to a tonier address after a couple of years. Others said they never received any information from the city.

“We’d stay longer if we could,” Lisa Burdeshaw, 41, who lives at 10 Hanover Square told the paper. She and her husband are planning a move to the suburbs, but said they would have stayed had they been able to secure rent-stabilization. [WSJ] — Guelda Voien


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Two Trees’s Jed Walentas, Bjarke Ingels and a rendering of the project (Credit: Getty Images, BIG)

Two Trees unveils bold plan for Williamsburg towers, beach

Democratic State Sen. James Skoufis (Credit: NY Senate)

Real estate agents facing subpoenas after failing to appear at hearing

WeWork Co-CEO Artie Minson (Credit: Getty Images, iStock)

WeWork tries to escape leases — and eviction

207 East 94th Street, Glenwood Management’s Carole Pittelman and Hirschfeld Properties’ Elie Hirschfeld (Credit: Google Maps)

Glenwood Management makes rare sale with Upper East Side deal

Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)

At 220 CPS, buyer joins $100M club

arrow_forward_ios
Loading...