August 11, 2015
Developer Avoids Rent-Stabilized Tenants by Building Luxury Condos on Top of Them
Here's a clever new move for the developer playbook: If you want to keep rent-stabilized tenants from interfering with your plans for ultra-posh condos, just build your pricey pads on top of them. According to the Times, the Department of Buildings (DOB) recently approved the construction of a 10-story luxury condo directly above a 1950s six-story apartment structure at 711 West End Avenue. Because the rent-stabilized tenants in the existing building are protected by law from getting the boot, Kaled Management and developer P2B Ventures dreamt up this sly alternative to buying out tenants, or waiting for unit de-regulation to build anew.
More on their plan here
More on their plan here
