Lexington apartments to raise rents by more than $300 a month
The Lexington apartments in the Bronx are to raise rent by more, according to an article by Fox Sports.
The move comes as the apartment market in the borough continues to be shaken up by a surge in new construction.
The apartment market has been hit hard by the ongoing recession.
As of October, nearly 3.5 million units were under construction in New York City, and an additional 1.7 million units have been completed.
New Yorkers living in the area of Lexington and Harlem are getting a break from the rising cost of living.
“We are raising rents in our apartment communities to keep rents affordable for the city and the region,” said Daniel Fiebig, a spokesman for the Lexington Development Corporation.
As a result, Lexington Properties LLC, the developer behind the apartments, is proposing a $300 monthly increase on the rent for six of its units, including a $150 monthly increase for two of the apartments.
According to the plan, the new rent will be set at a base level of $1,800 for a two-bedroom apartment and $1.30 for a three-bedroom.
However, Fiebo says the $300 increase will be retroactive to October 28, meaning residents of the new units will not see the increase.
Residents of the six-bedroom units will pay an extra $300 each month.
Those who move out in 2018 will still see their rent increase.
The apartment complex also plans to add additional units at the same price point.
At the time of writing, the average apartment rent in Manhattan was $2,895 per month, according a recent analysis by Real Estate Investment Trust.
The Lexington Development Corp., which is responsible for the development of these apartments, has been working on the project for the past five years, Fiesbig said.
Lexton Properties has already built out the units and is on track to finish the project by the end of the year, he added.
In order to help lower rents, the Lexington development team has also been working with the local government.
The company is offering a tax credit for new units to residents, who can receive up to $10,000 in rent subsidies and up to 25 percent of any lease payments.
It’s unclear how the new tax credit will be used.