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Gateway Plaza's negotiations

bpclife Posted at 13:30 on Fri, 08/15/2008

Sheldon Silver hopes to extend Gateway Plaza's rent-stabilization agreements before it expires next summer.  Silver is in talks with  the owner of Gateway Plaza, LeFrak Organization and Battery Park City Authority.  Tenants could see their stabilized rents soar to market rates.

LeFrak has been trying to escape rent stabilization for more than a decade, so they were not eager to sit down with Silver.  LeFrak wants to negotiate their new ground lease earlier than the 2023 review so that they can refinance their mortgage and renovate the 30-year-old buildings. The BPCA told LeFrak that any ground rent deal would have to incldue rent-stabilization and and agreen retrofit.  LeFrak said they did not want to pay for those things.

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Comments

december NOT SUMMER

gatewaystabiliz... Posted at 11:29 on Tue, 02/24/2009

I KEEP SEEING IT REPORTED THAT STABILIAZATION EDNS IN THE SUMMER UNDER THE PRIVATE AGREEMENT WITH LEFRAK STABILIZATION ENDS IN DECEMBER THAT IS IMPOTANT AS TENANTS WHOSE LEASE ENDS IN MAY_ DECEMBER WILL HAVE TO BE GIVEN NEW LEASES FOR ANOTHER YEAR AT LEAST