I'm a current tenant at 85 East End Avenue. My neighbor recently received her lease renewal, and Northbrook Partners is raising her rent by more than 15%. She has since heard that other tenants in the building with leases up for renewal have been receiving significant rent increases in their renewal letters, too -- some as high as 20% and 25% higher than their current rents. Further complicating... [more]
I'm a current tenant at 85 East End Avenue. My neighbor recently received her lease renewal, and Northbrook Partners is raising her rent by more than 15%. She has since heard that other tenants in the building with leases up for renewal have been receiving significant rent increases in their renewal letters, too -- some as high as 20% and 25% higher than their current rents.
Further complicating things is the fact that Northbrook Partners, the current management company for the building, is apparently not going to be managing the building as of April 1, 2011. She has heard that the new management company will be Cooper Square.
If anyone else at 85 East End Avenue reads this and is having (or knows of) similar experiences, please add to the "discussion". 15%-25% increases seem drastic in this economy, and with my own lease up in a few months, I'm nervous about what to expect -- particularly with a new management company about to take over.
Thanks,
Concerned 85 EEA Tenant
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Response by julia
almost 15 years ago
Posts: 2841
Member since: Feb 2007
were the rents very low to begin with? My LL is raising rents 2-3% for everyone whose lease is up..in some cases the LL is lowering the rent.
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Response by NWT
almost 15 years ago
Posts: 6643
Member since: Sep 2008
Blackrock paid the Rudins (who'd owned it for more than 50 years) $70,000,000 for the building in 2005. That's more than $400 per ft². Maybe one of the landlords here can tell you what that means in rent per ft² per year, even before accounting for the stabilized apartments.
Not to worry, though. Rents can only go up proportionate to income, so after several decades it'll all even out. Or so we say here on SE.
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Response by 85EEA
over 12 years ago
Posts: 1
Member since: Aug 2013
The building has been managed by Cooper Square/ First Residential for the past 3 years now. It has been a total nightmare. I have been a free market tenant here with the old management and with Cooper Square First Residential. Do NOT MOVE HERE if you wish to be terrorized, harassed, sexually harassed, called racial slurs, denied service, and then slapped with a non-lease renewal because you complained. Several tenants have complained to management, to Mona Agress specifically and her boss, only for your pleas to be buried. And, if you complain about the super, Dwayne Doucette or demand service, you will be black listed, and every little thing you do will be scrutinized and they will use it as an excuse to not renew your lease. Live here and take your chances if you will be getting a lease renewal the next year to pay that hefty 15% broker fee--again. The building owners are Black Rock. They know about the problems in 85 East End Ave, and have done nothing so far.
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were the rents very low to begin with? My LL is raising rents 2-3% for everyone whose lease is up..in some cases the LL is lowering the rent.
Blackrock paid the Rudins (who'd owned it for more than 50 years) $70,000,000 for the building in 2005. That's more than $400 per ft². Maybe one of the landlords here can tell you what that means in rent per ft² per year, even before accounting for the stabilized apartments.
Not to worry, though. Rents can only go up proportionate to income, so after several decades it'll all even out. Or so we say here on SE.
The building has been managed by Cooper Square/ First Residential for the past 3 years now. It has been a total nightmare. I have been a free market tenant here with the old management and with Cooper Square First Residential. Do NOT MOVE HERE if you wish to be terrorized, harassed, sexually harassed, called racial slurs, denied service, and then slapped with a non-lease renewal because you complained. Several tenants have complained to management, to Mona Agress specifically and her boss, only for your pleas to be buried. And, if you complain about the super, Dwayne Doucette or demand service, you will be black listed, and every little thing you do will be scrutinized and they will use it as an excuse to not renew your lease. Live here and take your chances if you will be getting a lease renewal the next year to pay that hefty 15% broker fee--again. The building owners are Black Rock. They know about the problems in 85 East End Ave, and have done nothing so far.