A deal was signed Friday between the Mitchell-Lama coop at 505 LaGuardia Place and New York University, which owns the land beneath the Greenwich Village building.
The co-op’s original lease with NYU provided for an annual rent payment to NYU of $28,400 per year. Under that lease, the co-op’s rent would have been re-set in 2014 at 6 percent of the market value of the land.
Under the new deal, first announced in late July, 505 LaGuardia’s lease will continue as long as the building remains in the Mitchell-Lama program.
505 LaGuardia is one of three towers built in 1964 on the southern superblock along Houston Street that NYU acquired in 1960. Two of the towers are faculty housing. The third, 505 LaGuardia, was made affordable housing as part of a deal between the NYU and the city to allow the development on the block.
Andrew Lance, partner with Gibson Dunn, along with associate Michael Byrne, represented the residents of 505 LaGuardia in their talks with NYU.