365 Bond Street

I’m seeing a lot of comments about rent hikes - but this building seems to be stabilized? What’s up?

Over 2 years ago

Some apartments are stabilized as part of the NYS Affordable Housing Program. Some Apartments are Market rate which means you pay $4000 for a studio and have to eat hot pockets for dinner.

Over 2 years ago

Yes, they are stabilized. But if the city permits say, a 3% rent increase on stabilized units per year, that amounts to a big amount on an expensive apartment. On a 5K apt, for example, that would be an increase of $150 per month on the next year’s lease. And of course they raise the rent by the minimum allowed every year.

Over 2 years ago

There are 2 things happening: 1. They offer 'free months' when you get into the building, but don't give that the following years, so your net effective rent can go up by a LOT. Don't expect them to repeat the discounts when you re-sign the lease, even if they are offering that to new tenants at the same time. 2. Every year, they increase rent by the maximum allowed on the stabilized units. The % is applied over the nominal rent, not over the net effective rent

Over 2 years ago

Much of the building is rent-stablized, but the rent-stabliziation boards guidelines for increases last year (thanks Eric Adams) was pretty intense 3-5% which definitely feels like a hike if you're used to a 1-2% increase.

Over 2 years ago

What is your favorite amanity in the building?

Over 3 years ago