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market rate conversions on park — Brooklynian

market rate conversions on park

rednaxela
edited November -1 in Prospect Heights
this may be old news or incomplete or wrong, but two apt. buildings just west of washington ave (downhill, i like to call it) facing each other across the street apparently just went from rent stabilized to market rate, causing lots of tenants to leave.

first off, too bad. second, i didn't know you could do that, but apparently you can under certain circumstances. how can i find out if my apartment is about to go market rate?

the alleged villain? youngish landlord named "conrad" and/or his dad. though i'm guessing that the folks who just left displaced some folks before them who could afford to pay even less.

Comments

  • If the entire building went market rate is was probably due to the expiration of a tax benefit or low interest loan which required that the units be subject to stabilization for a given period of time.
  • Once upon a time, I was a tenant in one of the buidings, you could hear absolutely everything from the neighbours, the stairs the front door...the isolation job was not well done at all and plus we had very inconsiderate people leaving above us with a dog constantly barking and a kid who confused the hard wood floors with a trampooline.

    I always thought the rent stabilized status was going to last for a good 10 years, I guess I was wrong...but with 2 bedrooms apts going for $1,700 at the time, I wonder what market price will now be.
  • 2200 for a 2br, one guy said. probably the guy who lived above you.
  • There's your answer. When it gets over $2000 there's nothing to stabilize.
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