I got a decent deal on a small 1 bed in a luxury building (hell’s kitc). Should I do a 12 month lease or 24m?

Got the rent negotiated to under 3k + free amenities for a year (gym, pool, etc.). I’m afraid rent will atleast go back to the original price (+5%) and then some. The building has some sort of rent control but that’s predicted to go away in less than 1 year as per the lease. The legal rent limit is way higher.

Would love some perspective on renewal experience after 1 year. TIA.

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What we did was include a clause saying they could only increase rent by x% maximum should we wish to stay another year (I think x=2 or so).

In reality we negotiated a LOWER rent (by 11%) when we renewed our lease 😂

We signed the lease 1 yr ago (July start), just renewed for another year last month.

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Why not get 24m?

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Out of curiosity I'm un the same boat, whats promoting you to look without roommates? Is it the adjustment needed?

Which building?

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River Place. Let me know and I can probably refer if you are looking.

Note: I have a 24 month lease ready to sign but having second thoughts on signing this vs changing to 1 year.

Follow your gut.

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Are they legally to raise that much next year? Some buildings took tax deduction from government and are not allowed to raise the preferential rent by more than a small percentage. I think you misread the lease? Rent control manage mandated by government cannot be modified by a lease.

Just read a bit on 421-a and looks like this building would be in its 24th year in 2022 so almost losing all tax benefits and hence removing rent stabilization

What building? Also looking for an apartment in that area

River Place. Let me know and I can probably refer.

Which building?

The building is called River Place. Let me know and I can probably refer if you are looking

It says 1BR is $3.4-3.6K. You negotiated this down to <$3K? Were they offering concessions?

No there are other options starting at $3.2k and mine is smaller

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