According to the Streeteasy internet site, 110 Bennett Ave's listing average is $22 per square foot, although they appear to be missing important data, such as the jacked up rents for the second year of tenancy.
For examples of their listings, in May, 2012, apartment 1A, a one bedroom, was list and rent at $1,500.00; and apartment 2E, listed as a studio, was rented in April, 2012, for $1,300.00.
Of course, these facts do not include that the policy of Rose Associates is to only give a one year lease. No one gets two years. The second year [once the unit is unfairly forced off of rent regulation] demand for rent is jacked up by many hundreds of dollars per month, often forcing the renter out. This is one more way Rose Associates destabilizes individual's lives and entire neighborhoods.
Where Rent Stabilization is merely Fodder to Intimidate Tenants:
At Rose Associates and the DeutscheBank RIETS Legacy
And then there is the threat, that if the unit is actually rent stabilized, and you try to assert your rights under Rent Stabilization, you will get charged the maximum Legal Rent of $2,000.00+. So you better be happy to have your rent raised by only a few hundred dollars.Rental square footage rate is calculated by multiplying the monthly rent x 12 months, and then dividing by the square footage. Using these two examples, here is how it works out:
Unit 1H, 850 sq. ft. Rent $1,500 / month x 12 months = $18,000/year / 850 = $21 per square foot.
Unit 3A, 615 sq. ft. Rent $1,300 / month x 12 months = $15,600 / year / 613 = $25 per square foot.
Year Two Extorted Rents: Jacked Up to $29 per square foot
But are these good deals? Of course, once you are in, it is jacked up a few hundred a month, or out you go.If the average rent increases are successfully extorted, and a tenant stays on, the second year would be:
Unit 1H, 850 sq. ft. Rent $1,700 / month x 12 months = $20,400 / year / 850 = $24.00 per square foot.
Unit 3A, 615 sq. ft. Rent $1,500 / month x 12 months - $18,000 / year / 613 = $29 / per squre foot!
Is $25 per square foot, or worse, $29, the "Fair Market Rent" for 110 Bennett? Or are management rent demands out of line?
Research Question:
Is 110 Bennett Ave as good a value as Hudson View Gardens?
Is it worth spending $2,000 per month at 110 Bennett?
Streeteasy said that the average for rentals at Hudson View Gardens is $25 per square foot - when they are available. Most of the units are sold for at least $400,000.00.
Example: Apartment Unit D65
Rental
| 01/29/2012 | #D65 | - | $2,200 | - | 2 beds | 1 bath |
http://streeteasy.com/nyc/property/1438382-hudson-view-gardens-d65
This unit was rented at $2,200 / month.
What do you get for $2,200 per month?
A beautiful, well lit, spacious living room:
An entertainment size dining room with a view:
And a bedroom you won't want to leave:
Except to go out in the garden:
Or maybe to use the Hudson View Gardens' gym:
General Information on Hudson View Gardens
Hudson View Gardens can be reached by getting off the same stop on the A Line, but taking the elevator up to Fort Washington Ave. It is on the other side of the one block size park.
It is very pretty. It is an older development, with both garden apartments and larger buildings. It has its own road, parking is available. 
http://streeteasy.com/nyc/building/hudson-view-gardens
| 6 previous rentals listings: | $25 per ft² (avg) |
Rental
| 09/11/2012 | #J11 | - | $2,500 | - | 2 beds | 1 bath |
Rental
| 01/29/2012 | #D65 | - | $2,200 | - | 2 beds | 1 bath |
Rental
| 07/11/2011 | #R32 | - | $1,700 | - | 1 bed | 1 bath | 800 ft² |
---
Example two:
Welcome to Hudson View Gardens, Unit R32, at $25.50 per square foot.
It just sold for $399,999.00.http://streeteasy.com/nyc/property/1277167-hudson-view-gardens-r32
Rental
| 07/11/2011 | #R32 | - | $1,700 | - | 1 bed | 1 bath | 800 ft² |
Great view of the Hudson, beautiful Tudor style windows:
....
And finally, welcome to Hudson View Gardens, Unit J11.
It had been on the market for sale at $425,000.00.http://streeteasy.com/nyc/property/1149460-hudson-view-gardens-j11
Rental
| 09/11/2012 | #J11 | - | $2,500 | - | 2 beds | 1 bath |
Another great floor plan:
What are the services at Hudson View Gardens?
Storage? Management confiscated the tenant storage at 110 Bennett.Website: http://hudsonviewgardens.com/ Hudson View Gardens, designed by renowned architect George Frederick Pelham, was built in 1924 as one of Manhattan’s oldest continuous coops. And has been owner occupied since 1924. Built in Tudor architecture, Hudson View Gardens is set in exquisite gardens. It has a delightful English sitting garden, a private picnic terrace overlooking the river, a newly upgraded children’s playground area, and a licensed on-site pre-school exclusively for residents. Pets are welcome.
Some of the many features include mail delivery to your apartment, central package room, live-in super, on-site Management, 24 Hour Security, a parking area exclusively for residents, central laundry room, bicycle rooms, and Basement storage areas for a fee. “The Lounge” is used for musical, artistic, literary and cultural events and can also be rented for private parties. A penthouse apartment is available to rent for overnight guests. Hudson View Gardens is located in the heart of popular Hudson Heights. Near delightful parks and museums, the Metropolitan Museum of Art’s Cloisters, Ft Tryon Park, the Heather Garden, the little Red Light House under the Great Gray Bridge, public tennis courts and bicycle trails.
Building Amenities
Bike Room Live-in Super Storage Available Elevator Package Room Laundry in Building Parking Available
Mail delivery to apartment? Here it gets stolen!
Finally, here is an example of one unit which is on the market for sale:
| Price: | $485,000 |
http://streeteasy.com/nyc/sale/732308-coop-116-pinehurst-av-aka-134r-pinehurst-av-hudson-heights-new-york
http://www.simonesong.com/show_list.php?requestid=1360
Entry to your section:
http://img.streeteasy.com/nyc/image/95/34841295.jpg
A light, airy feeling welcomes you in this lovely and spacious 4 1/2 room walk-up apartment with parquet floors throughout. Nature and sky surround you and the East/West exposure provides you with soothing breezes during the day and night. The master bedroom reveals seasonal river views and both bedrooms have two ample closets each. This unit has 7 closets in all. A renovated bathroom and kitchen circa 2000 complete the picture. This legitimate two bedroom unit is offered at a price that is hard to beat!Lovely living room:
+/- 1100 Sq. Ft.
http://streeteasy.com/nyc/rental/844228-coop-overlook-terrace-hudson-heights-new-york
| Rent: Size/Type: Location: Web ID: | $1,650 1BR Co-op 100 Overlook Terrace R918 |
Great floor plan, southern exposure.
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