Rent-stabilized buildings’ value rises

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The value of Manhattan’s rent-stabilized buildings has marched steadily up, increasing from $1.99 million to $4.5 million between 2003 and 2007. A report issued by the Rent Guidelines Board showed that they shot up 78 percent in Queens, 81 percent in Brooklyn and 92 percent in The Bronx. “You’re talking about foreign money. People are paying 9, 10, 11 times the rent roll in The Bronx,” said Joe Strasburg, president of the Rent Stabilization Association. “They don’t have a clue what they’re getting into.” 

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