Ravitch strikes deal with city to keep 325 units at Waterside Plaza affordable

Richard Ravitch struck a deal with the city that will keep about a quarter of the roughly 1,400 units at his Waterside Plaza apartment complex affordable for another 75 years. In exchange, the city agreed to extend the ground lease on the Kips Bay property for another 99 years and reduce Ravitch’s rent payments, the New York Times reported. “It’s a good thing for everybody,” Ravitch said. “The city is pleased. The tenants are pleased.” […]

Source: Real Estate

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