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N.Y.U. Strikes Deal Preserving Affordable Housing at 505 LaGuardia

mitchellMelvin Felix 505 LaGuardia

New York University has reached an agreement with the co-op board at 505 LaGuardia that will prevent dramatic rent hikes at the building. The new agreement extends the current lease in perpetuity, as long as the building remains part of the Mitchell-Lama affordable housing program.

The building’s previous lease was due to expire in 2014 after standing for 50 years. Terms of the new lease became a sticking point in the negotiations surrounding the university’s expansion, even though the building itself would not be affected. Politicians including Borough President Scott Stringer, Congressman Jerrold Nadler, and State Senator Thomas Duane had repeatedly called for the university to come to an agreement with 505 LaGuardia that would avoid rent hikes at the 30-story towers designed by James Freed and I.M. Pei.

Today, N.Y.U. described the agreement, the specific terms of which were not released, as a reflection of the university’s commitment to affordable housing. Read more…