GPTA continues to work with the Battery Park City Authority and with our elected officials to secure an extension of the rent stabilization agreement, which currently expires June 30. Although we remain optimistic that an extension agreement will be achieved, as of today that has not yet occurred. For that reason, currently-stabilized tenants whose leases expire after June 30 are being offered renewals at increases greater than those stated in the NYC Rent Stabilization Guidelines.
GPTA has strongly advocated to BPCA and to our elected officials that any extension of the rent stabilization agreement should retroactively adjust any renewals that may have been signed by tenants before the extension agreement is finalized so that those renewals conform to rent stabilization increases. Although such retroactive treatment is our objective, until a rent stabilization extension agreement is achieved, we cannot predict what its terms will be.
As a result, tenants receiving a lease renewal offer today should be mindful of the deadline for responding to the offers and make a decision on whether to accept the offer within the stated deadline. Although the recent renewal offers appear to state that the response period for accepting a renewal is 30 days from receipt of the offer, Gateway Management has informed tenants who have inquired about the deadline that the deadline is in fact 30 days prior to lease expiration. That is, Management has stated that July 1 is the renewal response deadline for leases expiring July 31. We suggest that tenants who have questions about the renewal offer response deadline should contact Gateway Management.
GPTA is not advising tenants on how they should respond to renewal offers, but we note that it is likely that, if there is going to be an extension of rent stabilization, that extension will be agreed before July.
View letter regarding rent stabilization sent to LeFrak Organization by our elected officials (April 20, 2020).