This compendium includes only those buildings that currently offer stabilized leases and does not tabulate additional units in these buildings that are offered under an affordable housing program. A second list, currently being prepared for the next Housing Subcommittee meeting on May 7, will enumerate affordable housing units within CB1. Such apartments sometimes overlap with, and are sometimes offered alongside, rent-stabilized units. One demarcation between these categories is that rent stabilization as it applies in Lower Manhattan (consisting mostly the old 421a program) is largely free of income limits, while eligibility for affordable units is usually predicated on criteria like the tenant’s earnings, age, or disability status.
The list, researched and compiled by CB1 intern Saundra Malanowicz, working with Housing Subcommittee chair Tom Goodkind, found 21 buildings where there are as few as 29 stabilized units (at 213 Front Street), and as many of 650 (at Two Gold Street).
“In 2014, it broke our hearts to see our long term neighbors at 22 River Terrace, including many children and seniors, lined up on North End Avenue for moving vans: ripped from our community due a lack of rent protection from stabilization,” Mr. Goodkind observes. “It is my wish and that of all of my colleagues involved in community service to get renters into stabilized apartment buildings, many of which have current availability. This can not only protect residents during a condo conversion, as we saw at River Terrace, but also can keep rents upon renewal more affordable, allowing residents to take root in our community.”
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CB1’s Housing Subcommittee chair Tom Goodkind: “It broke our hearts to see our long term neighbors at 22 River Terrace,including many children and seniors, lined up on North End Avenue for moving vans,ripped from our community due a lack of rent protection from stabilization.”
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“If you rent in the CB1 area, why would you not rent at a stabilized building?” he added. “If your building is expiring from stabilization protection, why not move into a longer term protected building in your neighborhood? We want those who wish to settle long-term here to have that advantage. Therefore, we are the only New York City community board that has researched and published a list of our stabilized apartments. And we encourage all renters to carry this document as an important back pocket guide.”
Rent stabilization confers upon tenants a broad range of rights, including rent increases limited to those approved each year by the City’s Rent Guidelines Board, and benefits such as rent increase exemptions for elderly or disabled residents.
A list such as the one compiled by Ms. Malanowicz for CB1’s Housing Sumcommittee can serve as a crucial resource for residents seeking to remain in Lower Manhattan, because market rents (which are not regulated by the City) have been on a relentlessly vertical trajectory of increases in recent years, forcing many longtime residents to relocate elsewhere.
The list can also provide valuable assistance to current residents who live in any of these 21 buildings, because the City’s rent stabilization system relies upon landlords and developers to take the initiative in compliance with regulations, by annually registering apartments that are subject to limitations on increases. In a super-heated residential market, building owners sometimes have an incentive to disregard this step, failing to inform either the City or tenants that they are imposing rent increases far in excess of what is legally permissible.
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The compendium also highlights what a richly rewarding policy rent stabilization can be for Lower Manhattan landlords. In many of the buildings on the list, building owners agreed to abide by rent regulations in order to obtain tax credits. In the case of Ten Barclay Street, for example, the 396 stabilized units get the landlord, Glenwood Realty, a tax rollback of $7,633,846 (in 2017). This comes to annual benefit of $19,277 for each stabilized apartment. And that benefit is in addition to the $4,212 per month that Glenwood is currently asking for a stabilized one-bedroom unit at Ten Barclay. For the landlord, the tax benefit is the equivalent of collecting four and a half additional months of rent each year.
A few blocks away, at Two Gold Street, developer TF Cornerstone is benefiting from an annual tax credit of $7,953,895 for agreeing to abide by stabilization rules for the 650 units in the building. This comes to $12,336 per apartment, per year. With one-bedroom units at Two Gold fetching $3,675 per month, that means the landlord is collecting the equivalent of more than three extra months of rent per year for every apartment in the building.
What’s more, these benefits to the landlord are, in most cases, increasing each year. Ms. Malanowicz’s research shows that the tax credit at Ten Barclay jumped by $315,662 from 2016 to 2017. At Two Gold, the increase from 2016 to 2017 was $472,019. (For only four of the 21 buildings on Ms. Malanowicz’s list did the annual benefit to the landlord decrease from 2016 to 2017, while it remained unchanged for a fifth building.)
But the protections afforded by rent stabilization are slated to end in the years ahead for almost all of the buildings on this list. The sunset dates range from as soon as next year (for 100 Maiden Lane) and 2020 (for 37 Wall Street), to as far in the future as 2049 (for 114 Nassau Street).
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50 Battery Place
RY Management (212-786-2803)
208 Stabilized Units
Stabilization Ends: 2030
River Watch
70 Battery Place
Clipper Equity (212-217-9088)
209 Stabilized Units
Stabilization Ends: 2029
The Verdesian
211 North End Avenue
Albanese Management (212-277-0222)
253 Stabilized Units
Stabilization Ends: 2030
Tribeca Green
325 North End Avenue
Related Rentals (917-720-2774)
274 Stabilized Units
Stabilization Ends: 2034
TriBeCa Park
400 Chambers Street
Related Rentals (917-720-7550)
396 Stabilized Units
Stabilization Ends: 2024
The Solaire
20 River Terrace
Albanese Management (212-277-0222)
293 Stabilized Units
Stabilization Ends: 2032
Tribeca Pointe
41 River Terrace
Rockrose (212-204-1220)
340 Stabilized Units
Stabilization Ends: 2029
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10 Barclay Street
Glenwood Realty (212-430-5900)
396 Stabilized Units
Stabilization Ends: 2029
Historic Front Street
213, 215, 217, 219, 221, and 223 Front Street
Yarrow Two (917-291-5499)
29 Stabilized Units
Stabilization Ends: 2026
2 Gold Street
TF Cornerstone (212-222-4653)
650 Stabilized Units
Stabilization Ends: 2026
Liberty Plaza
10 Liberty Street
Glenwood Realty (212-430-5900)
287 Stabilized Units
Stabilization Ends: 2026
100 Maiden Lane
Maiden Lane Properties (212-797-0100)
340 Stabilized Units
Stabilization Ends: 2019
37 Wall Street
Skyline Developers (646-586-2347)
373 Stabilized Units
Stabilization Ends: 2020
90 West Street
The Kibel Group (212587-9090)
7 Stabilized Units
Stabilization Ends: 2019
The Lara
113 Nassau Street
Addison Property Group (212-227-8181)
168 Stabilized Units
Stabilization Ends: 2049
160 Front Street
Samson Management (212-381-6509)
22 Stabilized Units
Stabilization Ends: no end date
40 Gold Street
Werber Management (212-977-4040)
56 Stabilized Units
Stabilization Ends: no end date
254 Front Street
Werber Management (212-977-4040)
40 Stabilized Units
Stabilization Ends: no end date
111 Worth Street
Forest City (212-766-1300)
331 Stabilized Units
Stabilization Ends: 2033
Rockrose (212-222-4653)
189 Stabilized Units
Stabilization Ends: 2030
Rose Associates (646-893-6616)
352 Stabilized Units
Stabilization Ends: 2029
(Editor’s Note: This list does not include Gateway Plaza, because that complex has not offered stabilization to new tenants since June 30, 2009.)
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