Business

Developer seeks to deregulate apartments

November 13, 2014 Heather Chin

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Tenants of the Jewish Hospital Crown Heights apartment complex at 545 Prospect Place in Prospect-Lefferts Gardens are protesting the sudden deregulation of rents on their homes by owner Alma Realty – a developer that is currently seeking city council approval for the new Astoria Cove development in Queens.

The affordable units are being removed individually from rent-regulation and shifted to market rate prices upon lease renewal – up to 15 percent more – say residents and local politicians, who accuse Alma Realty of pushing out “working-class families” in favor of more affluent newcomers who arrive with the gentrification process.