CB1 compiles list of 5,213 rent-regulated apartments in Lower Manhattan

Believe it or not, there are more than 5,000 rent-regulated apartments in Lower Manhattan.
Associated Press / Mark Lennihan

BY COLIN MIXSON

A group of Downtown housing gurus have released an updated list of all known available rent-stabilized apartments in Lower Manhattan, hoping the catalogue of regulated rentals will serve as a resource for would-be community members looking to settle over the long haul, according to the list’s creator.

“I would like for people to walk around with this in their back pocket when they are looking for apartments, because, if you’re in a stabilized apartment the chances of you being tossed out are a lot less,” said Tom Goodkind, chairman of Community Board 1’s Subcommittee on Housing.

Renters face numerous pitfalls in Lower Manhattan’s aggressive real estate market, where they’re subject to steep rent increases and fickle landlords who may prefer to convert rental units into condos rather than renew lease agreements — and rent-stabilized units offer protections from both.

For example, Goodkind pointed to the tragedy that befell renters at the former 324-unit apartment building at 22 River Terrace in Battery Park City four years ago, when hundreds of families were given the boot by developer Centurion Real Estate Partners, which took advantage of various loopholes that permitted evictions for market rate units.

“It was like ‘Grapes of Wrath,’ ” Goodkind recalled. “The moving vans were lined up outside, the kids were crying, leaving their schools. They were uprooted from the area, and it wasn’t as fun as ‘90210.’ ”

Rent stabilization represents a deal between landlords and the state, whereby property owners receive substantial tax breaks in return for offering leaseholders modest annual rent hikes, and guaranteed lease renewals.

It’s one of the few things that allows Lower Manhattan to maintain a semblance of community, rather than a revolving door of incoming and outgoing residents, who are subject to outside forces they have no control over, Goodkind said.

“As far as stabilization goes, it’s a very positive thing,” said the housing maven. “It allows for community.”

Goodkind compiled his list with the help of Columbia University grad student Saundra Malanowicz using a combination of online research and legwork, including knocking on doors and speaking with Downtown tenants, to compile his list, which found 5,213 available stabilized apartments spread out across 21 buildings.

Would-be renters shouldn’t confuse rent stabilization with affordable housing, however, and new residents should expect to fork over market-rate rents for the first year they spend in their stabilized pad, which cost on average $3,737 per month for a one-bedroom apartment.

“Finding a stabilized apartment is really easy, being able to afford it isn’t,” said Goodkind. “These are not affordable apartments.”

That said, Goodkind and his committee are compiling information in preparation for a list of Downtown affordable housing expected for release in May, along with a guide for condo owners designed to help them deal with unaffordable real estate taxes, maintenance fees, unruly neighbors, and other perils facing Downtown homeowners.

The relative peace of mind stabilization offers doesn’t come cheap for taxpayers, with some landlords, including Glenwood Realty and TF Cornerstone Inc. raking in well over $7 million in annual tax credits for their properties at 10 Barclay St. and 2 Gold St. respectively.

Rent-stabilized units available Downtown:

• 10 Barclay St. – 396 stabilized units – Estimated stabilization end date: 2029

• 50 Battery Pl. – 208 stabilized units – Estimated stabilization end date: 2030

• 211 North End Ave – 253 stabilized units – Estimated stabilization end date: 2040

• 325 North End. Ave. – 274 stabilized units – Estimated stabilization end date: 2034

• 20 River Terrace – 293 stabilized units – Estimated stabilization end date: 2032

• 400 Chambers St. – 396 stabilized units – Estimated stabilization end date: 2024

• 70 Battery Pl – 209 stabilized units – Estimated stabilization end date: 2029

• 41 River Terrace – 340 stabilized units – Estimated stabilization end date: 2029

• 213 Front St. – 29 stabilized units – Estimated stabilization end date: 2026

• 2 Gold St. – 650 stabilized units – Estimated stabilization end date: 2026

• 100 Maiden Ln. – 340 stabilized units – Estimated stabilization end date: 2019

• 37 Wall St. – 373 stabilized units – Estimated stabilization end date: 2020

• 90 West St. – 7 stabilized units – Estimated stabilization end date: 2019

• 113 Nassau St. –168 stabilized units – Estimated stabilization end date: 2049

• 160 Front St. – 22 stabilized units – Estimated stabilization end date: N/A

• 40 Gold St. – 56 stabilized units – Estimated stabilization end date: N/A

• 254 Front St. – 40 stabilized units – Estimated stabilization end date: N/A

• 101 Worth St. – 331 stabilized units – Estimated stabilization end date: 2033

• 211 Pearl St. – 189 stabilized units – Estimated stabilization end date: 2030

• 84 Leonard St. – 352 stabilized units – Estimated stabilization end date: 2029

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3 Responses to CB1 compiles list of 5,213 rent-regulated apartments in Lower Manhattan

  1. Thank you so much Tom for this very, very valuable work. Two important steps need to follow:1) obtaining more rent stabilized buildings downtown and 2) making rent stabilization PERMANENT. I live in a rent stabilized loft and it’s brutal going every two years to Albany hoping and praying the Loft Law will be renewed.

    Let’s keep the pressure on our elected officials to do both.

  2. Would it be less brutal to pay free market rent like many of your neighbors pay?

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