Daily Dirt might have to become Hourly Dirt.
That is, at least until the Democratic primary to keep up with all the spin from mayoral candidates — Zohran Mamdani in particular.
The socialist complained in late 2019, during his successful Assembly campaign, about the rent for his Astoria apartment — even though it was rent-stabilized at $2,000 a month. On Tuesday, columnist Nicole Gelinas and the New York Apartment Association’s Jay Martin recirculated Mamdani’s tweet.
The law grants Mamdani below-market rent, unlimited lease renewals and the ability to bequeath his lease like an inheritance. He can even insist the landlord repaint the apartment every three years.
In a nutshell, he’s enjoying affordable housing from the private sector that he couldn’t get from the government because he makes too much — $142,000 per year. That’s not a bad salary for a legislative session that lasts just over five months, allowing legislators to earn outside income. Also, Mamdani comes from a family of means.
But Mamdani didn’t just complain. He tweeted, “In 1984, this same apartment cost $290.60/month. What is this, if not theft?”
Theft?
Theft is when someone takes something without permission. No one is stealing Mamdani’s money. The Assembly member is willingly paying the $2,000 rent each month, because the apartment is worth more.
The closest thing to theft here is Mamdani stealing a Queens apartment for a below-market rent. That’s why he hasn’t moved, despite telling the New York Editorial Board in February that he would after Josh Greenman asked him, “Do you need a rent freeze?”
Mamdani also failed to mention in his tweet why the rent went from $290 to $2,000 over 41 years. Inflation alone means $290 is worth about $900 today. Individual apartment improvements, major capital improvements and the former 20 percent vacancy increase (which paid for repairs, repainting and modernization when tenants left) likely accounted for the rest.
Without those upgrades, Mamdani’s place would be a dump — a dated unit with ancient, unreliable appliances, broken locks, lead paint, toxic mold, drafty windows, leaks and vermin. It would surely be illegal to occupy.
Real estate people were outraged by Mamdani’s message.
“Truly despicable post,” multifamily owner Moses Kagan commented on X. “Have you no shame?”
What we’re thinking about: Some 29 percent of Downtown Albany is devoted to parking, which crowds out uses that would make people want to go there, according to Times Union columnist Chris Churchill. Yet some of Albany’s candidates for mayor think it has too little parking. Who is right? Send your thoughts to eengquist@therealdeal.com.
A thing we’ve learned: Brooklyn Council member Shahana Hanif, in a competitive race for re-election, emailed her constituents, “The Rent Guidelines Board is proposing another hike to the rents of working-class tenants for the fourth straight year in a row.” The redundancy might have been unintentional, but “working-class” was spin. RGB increases apply to all rent-stabilized tenants, including those with second homes and swollen 401(k)s.
Elsewhere…
The Adams administration sued a Greenwich Village inn, saying it violated a 2022 short-term rental law and should be an apartment building. But the lawsuit, and the New York Times article reporting it, failed to mention that the Incentra Village House could also be thrown into rent stabilization: A 1961 certificate of occupancy lists the property as being six units. A pre-1974 building with six or more apartments is presumed to be rent-stabilized.
Closing time
Residential: The priciest residential sale Tuesday was $12.6 million for 35 Hudson Yards, 8701. The condo is 4,600 square feet and listed by The Corcoran Group’s Hottinger Team.
Commercial: The most expensive commercial closing of the day was $164 million for 175 Third Street in Gowanus. Aby Rosen’s RFR is selling the 800-plus unit development site to Tavros Capital and Charney Companies, per reports.
New to the Market: The highest price for a residential property hitting the market was $36.5 million for 520 Park Avenue, Unit PH58. The Lenox Hill condo is 4,300 square feet and is listed by Compass’ The Hudson Advisory Team.
Breaking Ground: The largest new building application filed was for a 61,210-square-foot, seven-story residential building at 852 East 176th Street in the Bronx. Leandro Dickson of LND Design+Build is the applicant of record.
— Joseph Jungermann