The BroadsheetDAILY – 1/19/21 – Crime Data in Lower Manhattan, Constant Levels for Most Crimes

Letters

To the editor:

Below is a quote from today’s Broadsheet. So the total support for tenants was $ 228,000,000 ($ 380,000 x 600 units). LeFrak gave $ 8,000,000 more than he received. But really?

The 600 units were the ones whose tenants lived there for the longest time. These are the people who are the oldest and who will sooner or later leave this land and who may die earlier than average due to exposure to the WTC. When the original tenant leaves, will the apartment return to market level? If so, LeFrak has risked outperforming in the long run and the chances are very good for them! This business will only be successful in affordable housing if these units remain below market.

“In July 2020, the Authority agreed to review the land lease agreement for Gateway Plaza, the oldest and largest residential park in Battery Park City, to extend the lease protection agreement to approximately 600 households. In exchange for conditions that will require these tenants to pay more over the next ten years (but save them from unlimited market rents), LeFrak Organization (owner of Gateway Plaza) has reduced land rents by more than $ 220 million in the future . That means more than $ 380,000 in support for all 600 households that benefited from the deal. Such an unexpected amount, if given directly to tenants rather than their landlord, would have allowed all households in Gateway Plaza to live without rent for almost five years, or could have paid the full rent for these 600 households for decades to come. . ”

Thanks,

Maryanne Braverman

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To the editor:

All residents of the Gateway Plaza units covered by the July 2020 agreement will receive rent protection until June 30, 2030. The protection is tied to the tenant, not the unit. Gateway Plaza’s units began paying rents at market rates when tenants vacated their units after 2009, as agreed at the time. Faced with the certainty that all units will go up at market rates after the 2009 deal expires, the Battery Park City Authority has recently secured to continue to protect rents for hundreds of long-standing Battery Park City residents for another decade. As part of the deal, Gateway Plaza will increase its land rents to BPCA over the next two decades.

From Gateway Plaza to Tribeca Pointe and beyond, we will continue our efforts to preserve affordable housing and address concerns about the housing costs of Battery Park City residents.

Nick Sbordone

BPCA

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To the editor:

The extension of the affordability provisions at River Terrace 41 (as reported in a recent informative article on Broadsheet) is undoubtedly good news for at least a few tenants of the building who can stay in their homes.

However, thousands of other BPC residents have moved out of our wonderful neighborhood over the past few years as tax breaks and the associated stabilization protection for rent have expired in various buildings in the community – such as 70 Battery Place (Riverwatch). ). Tenants renewed their rents at a much higher rate than the typical 2-4% wage-stabilized growth – and many did not receive a renewal lease at all, which removed another critical protection for rent stabilization, especially at a time when housing stock (everywhere) is a shortage.

Many old residents cannot afford these upgrades and are effectively pushed out of the community they have been called home for years. Unless BPCA and others can encourage landlords to do other business, this shift will continue in BPC as long as only 1% remains.

BPC neighbor

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