The Real Deal New York

Despite discount, tenants being priced out at Jackson Heights co-op conversion

Some residents want the prices to be lowered even further
April 18, 2016 12:50PM

73-12 35th Avenue in Jackson Heights

73-12 35th Avenue in Jackson Heights

Washington Plaza in Jackson Heights is going co-op, but the “insider” discount may not be enough for many residents to buy.

Existing tenants can buy a pad at the 190-unit building for 10 percent less than market rate, but units have appreciated in value by as much as $160,000, and many of the residents who agreed to convert the complex in 2014 are now on the outside looking in.

At a recent tenant meeting, some residents of the six-story complex at 73-12 35th Avenue said they were “disappointed” and asked that prices be lowered more than 10 percent, according to DNAinfo.

A two-bedroom, one bathroom apartment originally offered in 2014 for $402,161 is now listed at $562,275, documents show. A three-bedroom, two-bath apartment originally listed for $576,198 is now on the market for $830,790.

The prices are in line with with demand for apartments in Jackson Heights, Marilyn Sollar, who is handling the units sales, told the website.

Around 52 apartments, which are now vacant, are undergoing renovations and that also contributed to the higher prices, Sollar said.

Sales will officially launch on May 1.

Last month, The Real Deal found that there were only three studio apartments for rent in Jackson Heights and the neighborhood’s rent rate is 2.6 percent higher than last year. [DNAinfo]Dusica Sue Malesevic