Rose Providing Rent Abatements to Renters In Rose-Owned Buildings Impacted by Sandy
Posted On November 8, 2012
Rose Associates, the New York-based full-service real estate firm, has announced it is providing rent abatements to tenants living in Rose-owned buildings that were impacted by Hurricane Sandy. The rebates, which are far more extensive than abatements found in a standard lease agreement, were announced to tenants on Friday, November 2.
Due to the impacts of Hurricane Sandy, Rose instituted the following rent abatement measures:
- Rose is abating rent for residents of Rose-owned buildings under evacuation orders on 10/28/12 for the period of the evacuation.
- Rose is abating rent for residents of Rose-owned buildings for any period their building was without an essential service (electric, water, heat).
- Rose is abating rent for any resident of a Rose-owned building who had a scheduled move-out date from that date until the date they are actually able to move out.
- Rose is abating rent for any resident of a Rose-owned building who had a scheduled move-in date from that date until the date they are actually able to move in.
Rose is also extending a 34-day rent credit to each of Le Rivage’s 293 leaseholders. Le Rivage is a Lower Manhattan building within Zone A that is still without electricity. Rose is restoring services to Le Rivage via generator as Con Edison continues to remedy its overall issues downtown, and tenants are expected to move in well before the end of the month. However, Rose feels the 34-day credit is justified due to the scope of the inconveniences faced by residents of Le Rivage.
Overall the rebates will apply to leaseholders of three Rose-owned rental properties.
About Rose Associates, Inc.
Based in New York, Rose Associates is a developer, owner and operator of premium residential properties. From planning a new development to managing day-to-day property operations, the Rose 360 Platform offers a full range of services designed to maximize the value of real estate. The firm oversees more than 26,000 units across New York, with approximately $2 billion in projects under development. Rose recently opened the historic skyscraper 70 Pine Street, which the firm is transforming into a luxury rental property with 644 residential units, 132 extend-stay apartments and a destination restaurant/lounge occupying the top four floors.