Frank Gehry's New York Skyscraper Has Rent-Stabilized Apartments

LOWER MANHATTAN -- Frank Gehry's sparkling new luxury skyscraper on Spruce Street offers a surprising amenity: rent-stabilization.

Forest City Ratner, which developed the 76-story tower, received Liberty Bonds and city tax breaks for the project and in return has to keep all 903 apartments rent-stabilized for 20 years.

That doesn't mean the apartments are cheap -- the rents start at market rate, or $3,300 for a one-bedroom.

But at the end of the lease, Ratner can only increase the rent by a small percentage, which is set by the Rent Guidelines Board. In recent years, the board limited increases to 2 to 3 percent.

"The fact that the building is rent-stabilized is definitely a plus for most people," said Susi Yu, a senior vice president at Forest City Ratner. "You know what your rent is and what you're looking at in increases."

If rent-stabilization wasn't enough of an incentive, Ratner was also offering one month free rent, Yu said when she gave DNAinfo a tour of the building this week.

The rippling stainless steel skyscraper at 8 Spruce St., officially called New York by Gehry, started leasing its first 120 apartments last Thursday and expects tenants to begin moving in March 1.

Gehry's company designed the interior of the building as well as the exterior, which means the doorknobs and locks are made of playfully twisted metal, and the lobby features a wavy poured-concrete Gehry sculpture that serves as concierge desk and seating.

Gehry's firm also did the interior design on the model units, and renters can opt for a Gehry-furnished apartment for an extra fee.

The 22,000 square feet of amenity space -- including a 50-foot swimming pool, a screening room and a grilling terrace -- will open at the end of April, and the rest of the apartments will come online as they are ready, Yu said. Construction won't be entirely finished until spring 2012.

The building also contains space for New York Downtown Hospital and the new K-8 Spruce Street School, opening in September.

READ MORE AT DNAINFO

Comments

[Totto]

12:56 PM on 04/05/2011

What a triumph! Best Manhattan skyscraper since the Chrysler Building. Absolutely terrific!

[kingbarry]

09:32 PM on 02/27/2011

and NYC wonders why they are broke and can't educate their kids

[voltage356]

01:30 AM on 02/27/2011

Maybe Charlie Rangel can get an apt there for that price.

[LaughingMan]

08:57 AM on 02/26/2011

$3,300 for a one bedroom apartment?!?!?!?

Yikes!

That's practically a nice 5 bedroom house in other parts of the country

[anfractuous]

01:38 PM on 02/25/2011

Lets recall that Liberty Bonds were created to revitalize downtown after 911. Using them to create a $3300 one bedroom is a sad perversion, rent control or not. In fact the rent control proviso is, at bottom, a cruel joke on the thousands of people who are losing their rent control status every year on affordable apartments.

[lee bradstone]

01:44 PM on 02/25/2011

Excellent observation!!!

[robjh1]

07:38 PM on 02/23/2011

It is a beautiful building.

[Chinny1102]

04:13 PM on 02/26/2011

With expensive rent! lol

A 1 bedroom apt with no frills where less than 5% of New Yorkers can only afford and is rent stablized? No thanks. I can live in Hoboken or in Jersey City near the Hudson River with half the rent. XD

[John Amiria]

07:16 PM on 02/23/2011

are these for sale? how does the NYC real estate market work?

[jessicajuliette]

04:12 PM on 02/23/2011

RENT-control is HUGE in New York.

Having a rent-controlled apartment there is like money in the bank literally..

[LonosCurse]

04:49 PM on 02/23/2011

Not at 3,300 a month.

[jessicajuliette]

05:01 PM on 02/23/2011

Do you have ANY idea what apartments go for in New York?

[northbronx]

11:21 AM on 02/24/2011

Sure, after you've been in it for 20 years. Rent control on a $3300 1-bedroom is not a great deal today.

[jessicajuliette]

12:34 PM on 02/24/2011

I believe my friend's parents had it for quite a few years, so i believe it was a great deal then.

It's nice to be correctly nicely by someone who knows what they are talking about(that would be you and Lonos)

Thanks :)

[jl4141]

03:05 PM on 02/23/2011

This 2 to 3 percent number is BS. While it's been 3 to 5 percent for one-year renewals, almost nobody goes for one-year renewals, because it costs more in the long run. The real number is for two-year renewals, and that increase is consistently between 6 and 9 percent. There may have been a very rare exception to that in the last 20 years or so, but that's it.