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 2nd. The abatements apply to residents of Chelsea Landmark, The Ellington, Le Rivage, The Madison Belvedere, and The Metropolis.
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 apply to leaseholders of more than 1,600 apartments spread across these five Rose-owned rental properties.