The Real Deal New York

City, Alma Realty reach rent-stabilization deal at Crown Heights complex

Agreement covers five of six buildings at former Brooklyn Jewish Hospital
July 18, 2017 08:39AM

545 Prospect Place in Brooklyn (inset: Alma Realty head Efstathios Valiotis)

UPDATED, July 18, 3:31 p.m.: Mayor Bill de Blasio’s administration and Alma Realty reached a deal to keep apartments at the 700-unit former Brooklyn Jewish Hospital in Crown Heights rent stabilized for the next 30 years.

The agreement, which includes a tax break for the landlord, comes after almost three years of negotiations and tenant protests. It only covers five of the complex’s six buildings, with the fate of units at 713 Classon Avenue still up in the air. DNAinfo reported that a refinancing of that property complicates matters.

City Council had approved a tax exemption for the complex last summer, paving the way for the deal. Tenants in stabilized units can make no more than 135, 150 or 165 percent of area median income, depending on the building.

Alma Realty first began raising rents at the complex in 2014. [DNAinfo] — Konrad Putzier

Correction: An earlier version of this post misidentified the landlord in a 2015 Village Voice article as Alma Realty.