Battery Park City Rent Shock as Gateway Residents Secure 2.5 Percent Deal Through 2069

"The protections cover only households that have lived continuously in their units since July 1, 2009, and are aimed at keeping those long-timers from getting pushed out as Downtown prices climb. In practical terms, a slice of the 1,700-plus unit complex now has a multi-decade shield against sharp rent spikes, while many other apartments there remain fully exposed to the market."

"As reported by Crain's New York Business, the new agreement with Marina Towers Associates, the ownership group that includes the LeFrak Organization, the Olnick Organization and Fisher Development, formally locks in that 2.5% cap on annual rent increases for qualifying apartments through 2069. The key qualifier is longevity: tenants must have had continuous occupancy since July 1, 2009. Everyone else at Gateway remains on the market-rate roller coaster."

Battery Park City officials approved an agreement capping annual rent increases at 2.5% for roughly 430 Gateway Plaza apartments through June 17, 2069. The cap applies only to households with continuous occupancy since July 1, 2009, protecting long-term residents from displacement amid rising Downtown prices. The Gateway complex contains more than 1,700 units, leaving most apartments exposed to market-rate increases. A prior 2020 agreement preserved rent limits for about 600 long-term households through mid-2030. The ownership group Marina Towers Associates, including the LeFrak Organization, the Olnick Organization and Fisher Development, formally locked in the 2.5% cap for qualifying apartments.

Read at Hoodline