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Alma Realty Reaches Tax Exemption-For-Rent Stabilization Deal On Crown Heights Rental Complex


Alma Realty has reached a deal with the City Council that will grant a tax exemption to a rental complex in Crown Heights it owns in exchange for a 30-year agreement to keep rents stabilized.

The deal will waive property taxes at the six-building Brooklyn Jewish Hospital complex, and all 700 units will have rent stabilized leases for the next 30 years, DNA Info reports.

During that time, prospective tenants will need to make between 120% and 150% of the area median income, or between $103,560 and $129,450 for a family of four.

The deal follows a contentious spat between Alma and the City Council back in 2014, when Alma was accused of pushing market-rate rent hikes on some tenants. The complex was built as a medical facility in the early 1900s and converted to apartments in the late 2000s. [DNA]