Friday, May 1st, 2009
8

How To Get A Cheaper Rent In Stuyvesant Town

PIG STY TOWN

Signs of the Recession:

So a guy walks into the Stuyvesant Town leasing offices and asks about a specific line of apartments. (Stuy Town, for those who might not know, is a massive apartment complex just north of the East Village in Manhattan; it is 80 acres and has 35 enormous brick buildings and lots of squirrels. For many years, it was affordable middle-class housing, with a years-long waiting list to get in; then it was sold a couple years ago for almost $6 billion, and rents got raised, perhaps illegally.) So! The leasing office quotes this guy a price. And the guy says, that's funny, I already live in an identical apartment here and now not only am I definitely not paying the rent increase you just gave me on my new lease here (although, by the way, the gang at Curbed hears new leases aren't getting price increases), I'm going to pay 12% less in rent, because that's how much less of a price you just quoted me as a new tenant. Do try this at home! Because that is awesome. And yes this was just overheard at my local coffeeshop.

8 Comments / Post A Comment

Someone should organize the squirrels in Stuy Town. They could take over and nibble management to death. Those little bastards are feisty.

10% reductions in rent are happening. A friend is getting one and said her property manager said she was so busy sending out new, reduced leases that it would take some time for her to get the paperwork.

homeslice (#527)

It's true. In many, many markets you could probably renegotiate a lower rent when your lease is up. If you are interested in a place that has always been to high you might check again now. A lot of places are dropping rent rather than sitting empty.

BlinkyMcChuck (#202)

I love New York.

Mr. Kwan tried to raise my laundry rate and I told him to fuck off. The competition is cheaper. Yay, the impotent fight back. Thank you Price Theory 101 – I knew you would eventually work in practice!
I love New York.

JaguarPaw (#312)

Haha you guys got a shoutout from the Times' City Room blog for this post. It's like watching a child grow up! Next you'll get a non-aids advertisement…and soon after maybe a hit-piece from a Denton minion!

illinB (#107)

yeah i thought that Butterfinger Buzz bar tasted a little AIDSy…

lindsaykap (#543)

I did that last month. My converted one bedroom is dropping $465/month. Suck on that, Tishman Speyer.

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