Responding to Stuy Town Spots on Spotify

Posted on: May 21st, 2012 at 6:28 am by

Not everyone is drinking the Kool Aid that marketers at Stuy Town are mixing. That of no broker fees and a free month of rent. In response to our story about the housing complex advertising apartment deals on Spotify, one reader in the adjacent Peter Cooper Village decided to set the record straight.

This image has been archived or removed.

From the inbox:

Stuy Town isn’t offering a free month’s rent because they are having trouble filling apartments, this offer is designed to turn over the apartment in a year and raise the market rate rent an additional 20%.

The free month of rent Stuy Town is offering, which used to be two free months, is divided by twelve months and the monthly rent is discounted for the year. For example, a one bedroom typically rents for $3,500 per month. Divide $3,500 by twelve and it comes out to roughly $291.66. Subtract $291.66 from $3,500, and the discounted monthly rent drops to $3,208.84.

When it’s time to renew the lease in a year, the rent jumps back to $3,500. The rent increase is based on this number. A typical increase is between 7% and 10%, making the new rent as high as $3,850, a $641.16 increase. The tenant moves out and Stuy Town is allowed to legally raise the rent on the apartment an additional 20%.

Recent Stories

Petisco Vegano to Close Tomorrow, Blaming ‘Difficult’ Landlord

Petisco Vegano, the reimagined iteration of Cafe Petisco, this week joins the rank of restaurant closures related to the coronavirus pandemic. Last day in business is tomorrow (October 20). Ownership took to Instagram Friday evening with a screed blaming the landlord for making it “extremely difficult for us to operate” since March. Apparently, there was […]

CB3 Committee Approves Grassroots Plan to Save Historic East River Park Buildings

An ambitious grassroots proposal to rehabilitate two endangered East River Park structures received backing from Community Board 3 last week. As previously reported, two Art Deco gems rooted in East River Park were recently deemed eligible for the State and National Registers of Historic Places by the New York State Historic Preservation Office. Both the […]

After Local Pressure, First Park Pedestrian Recreation Area Reopens without MUD Coffee Kiosk

Most of First Park, which straddles the commuter corridor along East Houston Street and First Street, reopened as part of the City’s Phase 4 comeback plan. But soon after, the iron gates at the tail-end of the park, adjacent to the F Train stop on 1st Avenue, were padlocked by the Parks Department. The lock […]

Friday’s Under $40: Ways To Feel Better

In our Friday column, “Fridays Under $40,” Boogie writer Sara Graham again hits the streets to find cheap eats and affordable things to do during these weird times. New York Magazine’s the Cut recently ran a funny-cuz-it’s true story about how our collective posture is getting worse by the day, due to myriad issues, among […]

Marshalls LES Robbed by Man Brandishing a Needle

The two-year-old Marshalls on the Lower East Side was robbed by a syringe-wielding man last week, cops said. The man, thought to be in his mid-20s, entered the store at 197 East Houston last Thursday night (October 10) shortly after 10:00pm. The perp was reportedly caught shoplifting, then confronted by the store manager. That’s when […]