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StuyTown Rent Stabilized Apartments

NYC Rent Regulation: Rent Control/Rent Stabilized, DHCR Practice/Procedures

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StuyTown Rent Stabilized Apartments

Postby citynative » Fri Oct 04, 2019 8:34 am

Following the news, I see that StuyTown will be making available a bunch of rent stabilized apartments. Ive been checking their site and havent seen it available - anyone live in those buildings who may have more information and what it's like to live there?
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Re: StuyTown Rent Stabilized Apartments

Postby TenantNet » Fri Oct 04, 2019 9:47 am

Google "stuyvesant warehousing" to see some recent news on this. (hit the "news" tab)

Right after the new rent laws were passed in June, the owners of Stuytown (Blackstone) and some other large owners announced they would warehouse units to get around the new laws.

This created a backlash, especially after the corrupt deal between Blackstone and Mayor de Blasio. See https://therealdeal.com/2019/08/30/auth ... -strategy/

So it appears they have backed down:
https://patch.com/new-york/gramercy-mur ... eports-say

and

https://gothamist.com/news/following-ba ... apartments

However, I wouldn't hold your breath on an easy entry. Getting a ST unit has never been easy. There has always been high demand for these units.

Plus, the public commitment to not warehouse units .... again, don't hold your breath.
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Re: StuyTown Rent Stabilized Apartments

Postby BubbaJoe123 » Fri Oct 04, 2019 10:59 am

They distribute those apartments by lottery, to people on a waitlist. Right now the waitlist is closed, but you can sign up to get an email when/if they open it up again.

Lottery site: https://www.stuytownlottery.com/
Article on process: https://www.6sqft.com/latest-stuytown-l ... ning-120k/
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Re: StuyTown Rent Stabilized Apartments

Postby TenantNet » Fri Oct 04, 2019 11:47 am

So sure, get on a waitlist. I know people who have been on some waitlists for 20+ years. Whatcha gonna do until then?
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Re: StuyTown Rent Stabilized Apartments

Postby BubbaJoe123 » Fri Oct 04, 2019 12:52 pm

TenantNet wrote:So sure, get on a waitlist. I know people who have been on some waitlists for 20+ years. Whatcha gonna do until then?


I was answering his question - if you want one of their affordable units, you'll need to get on a waitlist for the lotteries.

The warehousing concern appears to be that Blackstone, which had been renovating RS apartments after the tenants moved out, put a hold on that process (and the re-renting), while they figured out how to change their renovation plans in light of the new IAI rules. Looks like dozens of units were affected, so wouldn't expect a huge surge of units to come to market.
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