Another Stab at Turning 67 Vestry Into Condos

November 17, 2018 Real Estate

After developer Aby Rosen abandoned his effort to convert the rental building at 67 Vestry (southwest corner of West Street) into condos, he sold it to Iliad Realty Group, which is proceeding with its own condo conversion. According to the Real Deal, the plans have been filed with the attorney general’s office. It’s unclear whether the company wants to use the existing building or demolish it. There’s a Department of Buildings permit from June for “test pits for geo-technical observation in the cellar,” which usually bodes unwell.

The current residents, opposing Rosen’s plan, failed to get the building landmarked or the Tribeca North Historical District expanded to include it. According to the Commercial Observer last December, “Of the 25 loft units, a few are still occupied by rent-stabilized tenants, but the majority are vacant […]. Fourteen units are rent stabilized, according to the most recent property tax bill.” I still don’t understand that math….

UPDATE 11/18: “The June 2018 property tax bill shows 4 rent stabilized apartments, not 14,” says James. “(That said, the tax bills are not 100% accurate with respect to this item.)”

 
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2 Comments

  1. James
    November 17, 2018 • 9:59 am

    The June 2018 property tax bill shows 4 rent stabilized apartments, not 14. (That said, the tax bills are not 100% accurate with respect to this item.)

    Reply
  2. James
    November 17, 2018 • 10:23 am

    If it is down to 4, then one of the original 5 rent stabilized units was evidently decontrolled post legalization.

    From Loft Board orders:

    “According to Loft Board records, on November 16, 1990, the Owner registered seven units in the Building; four units on the second floor, 2A/2SE, 2B/2SW, 2C/2NW and 2D/2NE, and three units on the third floor, 3A/3SE, 3CD/3N and 3SW.”

    When the building left the jurisdiction of the Loft Board, it was down from 7 IMD units to 5 rent stabilized units:

    “A final rent adjustment is not necessary for units 3SW and 2A/2SE because the Loft Board declared them abandoned in Matter of 67 Vestry Street LLC, Loft Board Order No. 3525 (Sept. 17, 2009) and Matter of 67 Vestry LLC, Loft Board Order No. 4078 (Mar. 21, 2013), respectively. Thus, pursuant to Title 29 of the Rules of the City of New York ยงยง 2-10(c)(2) and 2-10(f), the Loft Board finds, solely with respect to Article 7-C, that units 2A/2SE and 3SW are not subject to rent regulation. […]

    “Further, the Owner is directed to provide the occupants of units 2B/2SW, 2C12NW 2D/2NE, 3A/3SE and 3CD/3N with residential leases subject to the provisions set forth in the Emergency Tenant Protection Act of 1974 […]”

    Reply

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