A Manhattan dilemma: Is decent rent worth living in a construction zone?
A century-old Upper East Side walkup is now encased by the cement skeletons of two hulking highrises, leaving tenants to consider a uniquely New York question: Is decent rent worth living in the center of a construction zone?
Sometimes in situations like this, the landlord or a developer who wants to acquire their building and knock it down would offer tenants in rent-regulated unitsBut Humer and two neighbors in rent-regulated units said that never happened, even as the firm Premier Equities and its partners acquired and demolished similar buildings next door, before
“Clanking, cement mixers, elevators, people yelling, people smoking,” she said. “It’s kind of been a crazy experience living in a construction zone.”Cantilevers are becoming more common in Manhattan, but tenants living in smaller buildings usually don’t have to fear construction rising right above them, said Pozon, the land use attorney.
Ben Carlos Thypin, who heads the real estate investment advisory firm Quantierra and has worked on similar transactions, analyzed property records and said he’s been able to identify an average of 24 air rights deals a year since 2013. But he said tracking the actual number is hard because the same documents are used for a variety of deals.
“Instead those tenants are surrounded by construction in the short-term and occupying degrading apartments in the long term,” he said. “All while the former landlord is richer for having been able to sell an ancient, yet unremarkable building for meaningfully more than it would be worth in a functional housing market.
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