Friday, March 16, 2012

Do you know there are some buildings in Hoboken that are exempt from Rent Control? Which ones are they and why?

Hudson Tea was an Industrial to Residential conversion  and is exempt from  Hoboken's Rent Control Ordinance
Click to enlarge
In Hoboken rent control effects every rental except in certain cases....In 1988 and amended in 1992 a law was passed that exempted new construction and industrial to residential conversions.  The builder had to apply for it within a certain timeframe in relation to obtaining the Certificate of Occupancy.

If you are buying a newly constructed unit even if you plan to live in it, you should asked the developer via attorney review if he/she applied for an exemption.  You may be planning on living in it and never renting it but the more flexible your unit is in terms of use, the more valuable it is vs a similar unit that does not have such an exemption.

I obtained a list through the Rent Leveling Office of all the buildings they were aware of that had such an exemption.  The rents in these buildings are unconstrained by Rent Control Ordinances.  There is a state rental increase limit of 25% in a year and the Tenant always has the right to take the landlord to court to claim a rental increase was "unconscionable".

Here is the list.  Was your building built after 1992?  Is your building on the list?
  • 1100 Adams St. 
  • 1118 Adams St.
  • 50 Bloomfield/51 Garden St.
  • 5 & 10 Clinton St./15 Grand St.
  • 101 Clinton St. 
  • 217-219 Clinton St. 
  • 1016-1024 -1026 Clinton St. 
  • 1039-1043 Clinton St.
  • 1300 Clinton St.
  • 700 1st St.
  • 202 204 206 Grand St.
  • 223-225 Grand St. 
  • 632-634 Grand St. 
  • 712 Grand St.
  • 812 Grand St./401 9th St.
  • 1313 Grand St.
  • 601-633 Harrison St.
  • 1500 Hudson
  • 1 Independence Court
  • 600-632 Jackson St. 
  • 406 Jefferson St.
  • 800 Jefferson St. 
  • 1000 Jefferson St./1000 Madison St. 
  • 1017-1031 Jefferson St. 
  • 1100-1110 Jefferson St. 
  •  212-214 Madison St. 
  • 716 Madison St.
  • 800 Madison St. 
  • 1125 Maxwell Lane
  • 409 9th St.
  • 77 Park Ave.
  • 1500 Washington St. 
  • 830 Hudson St. 

Information Provided by Donna Antonucci
Prudential Castle Point Realty