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Sometime last week MetLife announced that it was putting its 110 apartment building Stuyvesant Town and Peter Cooper Village up for sale. Stuyvesant town is 80-acres of prime Manhattan real estate which MetLife is reportedly hoping to get upwards of $5 billion for.
Since Stuvesant town is one of the only, and certainly the largest, rent-stablized areas left in Manhattan there has been concern that selling the property could cause the rent prices to increase. There’s been a push by local and state politicians to back a tenant buyout of Stuvesant town, effectively turning it into a huge rent-stabilized co-op.
A landlord can deregulate a rent-stabilized apartment only if a unit’s rent rose to more than $2,000 and it became vacant, or if the rent is more than $2,000 and its occupants’ income is $175,000 for at least two years in row.
Many argue that the city’s entire stock of rent-stabilized and -controlled apartments will eventually be deregulated through this provision, although it may take decades to do so. Tenant advocates say this process would take between 10 and 15 years for Stuyvesant Town and Peter Cooper Village.
I think the question becomes, what happens to the price of the apartments after these tenants move away or die. There will still be a need, perhaps even more so then than now, to protect and encourage rent-stabilization.
Schumer Backs Federal Funds To Aid Stuyvesant Sale [NY Sun]
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