Two Bridges Homes Could See $3M Tax Break To Stay Affordable

TWO BRIDGES, NY — A Two Bridges landlord could get a multi-million dollar tax break to keep more than 1,500 apartments affordable for another 50 years under a resolution set to be approved by City Council Wednesday afternoon.

The City Council resolution would help keep Knickerbocker Village in Two Bridges from raising rents upwards of 13 percent through a property tax abatement that would save the housing complex some $3 million a year, according to Council Member Margaret Chin's office.

"With New York in the midst of an affordability crisis, we cannot afford to lose any of our precious housing stock," Chin said in a statement about the resolution to Patch.

"In neighborhoods like Two Bridges, we have seen the cost of this crisis as rising rents, gentrification and a shrinking pool of affordable places to live threaten to fundamentally change the community," she said. "To meet the challenge before us, we must pursue an all-in strategy to maximize every resource — including saving as many affordable units as possible."

Tenants at the 1,590-unit complex along Monroe Street south of the Manhattan Bridge have been fighting a 13 percent rent hike since at least 2014 to address more than $5 million in budget needs for 2019 and 2020, according to previous reports and an FAQ sheet given to tenants last year.

The new resolution would lower how much property taxes the development pays from $3.4 million to about $400,000, Chin's office said. The resolution would pave the way for rent increases lower than a 13 percent increase.

"If this resolution passes, then that would alleviate a lot of the burden on the tenants," said Christina Zhang, co-chair of Knickerbocker Village's tenants' association.

"This will obviously be a big help to working class tenants and families, many who will struggle with the $100+ [per] month rent increase," she said.

Under a 13 percent rent increase, families would see an average increase of about $125 a month per apartment, according to the FAQ sheet provided to Patch.

Exactly how much rent will have to rise instead will be discussed at hearings in early November, Chin's office said.

The abatement is contingent upon lowering proposed rent hikes and maintaining designation under Article 4, a state policy that requires a portion of rents be paid into a building maintenance fund under oversight from the Department of Homes and Community Renewal.

A building manager at Knickerbocker listed as a representative for the owners, Cherry Green Property Corp., did not immediately respond to requests for comment about the resolution.

The Department of Housing Preservation and Development recommended approval of the tax break in a September letter to the City Council Speaker Corey Johnson.

"By preserving all 1,590 housing units, this resolution will ensure Knickerbocker Village remains a home for working New Yorkers," Chin added.