Rent Stabilized One Bedroom - For Rent

excelsior

Great, newly renovated apartment with views of the park. New hardwood floors have been installed in the living room and bedroom. New kitchen cabinets, stainless steel appliances and granite counter top. This apartment has high, nine foot, ceilings and great built in closets for your storage needs.

Located across Lincoln Terrace Park, you have basketball and tennis courts at your doorstep. The building is kept clean by the live in super and for your convenience there is a laundry room in the basement.

The building is a few blocks to the Utica Avenue subway station on Eastern Parkway.  The station is served by the 2, 3, 4, and 5 trains.  

Rent: $1400  (Zillow estimates the rent for this apartment should be $1750)

This apartment is a must see.   - serious inquiries only.

Please visit our website for information on other listings.  www.excelsiorRS.com

Yosef Yarmush

Agent

Excelsior Realty Services

Cellular  347-450-5033

Fees:

$75 Application fee

1 Month broker fee

MOD

I this actually rent stabilized by law or just listed under market?

excelsior

It is rent stabilized.

landlord

if this was rent stabilized, the rent would not be such an even number as 1400.00  .....it would be something like 1421.87

That means that the legal rent is either more then 1400 (ex: if the legal rent is 1926.54 then the landlord can ask for that much at the signing of a renewal lease form) or the rent is lower then 1400...in which case the rent being asked is illegal. 

If the legal rent is below 1400 and a tenant signs a lease at 1400....the landlord can be in the hook for 3 times the amount he is overcharging.

ehgee

Sometimes, when doing a gut renovation, the costs 'just happen' to come out to a very convenient number, such that when divided by 40 the apartment rents for a nice even number. That was the case with my apartment.  

landlord

ehgee - I understand what your saying. But if the rent is $736.55 before a major capital improvement and the landlord spent $400,000 on improvements (and he has 40 apartments) it would look like this:

(800,000 x 1/40) / 40 apartments = $500 increase per apartment.....or $736.55 + $500 = $1236.55

still not an even number!

it could "just happen" to come out a nice round number......but its very very rare and most likely involves some number manipulation.

excelsior

There is a preferential rent on this rent stabilized unit.