These new luxury apartments will be now be these displaced tenants new home, which will cost them just $10 dollars. This is not the cost of their monthly rent, but a 10 dollar bill will make them the new owner of the high-end dwelling.
When a NYC apartment building goes condo, usually the tenants are offered the chance to purchase their home, but at the market price. This usually ends up with the tenant moving out because they cannot afford to pay for real estate in one of the most expensive areas in the nation to live.
This wasn't the case for nine tenants of two neighboring NYC buildings that had luxury apartments go up in place of the old buildings folks were living in. For $10 each of these nine long-time tenants were offered ownership of a luxury apartment in the new 12-story Jupiter 21 building in the East Village.
The new building has 51 units and others tenants will pay between $3,000 to $10,000 a month to live there. There's a few rules or clauses in the contract that the tenants who are the new owners of the $10 apartments have to abide by that come along with this deal.
They cannot resell this apartment for a profit, but they can rent them out. The other trade-off that these new owners agreed to was to find temporary housing while the building was being built, which took about two years. I doubt this was considered a hardship by the tenants, especially with what was waiting for them for just 10 bucks at the end of this move.
You have to throw the builder of this building a high-five. He, she or they put people in front of the all-mighty profit today. This is basically unheard of in this day and age.
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