BUSINESSTHE CITY NYC
The $1.5M Holdout: Kips Bay Fight Pits Tenant Rights Against NYC Housing Development
Michael Heletz, founder of Excel Development Group, plans to demolish four buildings in Kips Bay for a tower of up to 160 apartments and retail space. The project is stalled because six rent-regulated tenants have not agreed to leave despite lucrative offers. A sixth tenant, Annie Feng, is holding out using her rights under rent stabilization rules, which creates conflict between individual tenant protections and broader affordable housing goals.
Mentioned
Related Signal
Adjacent reporting
- NYC Property management company to pay tenants $1,000 each for illegal lockouts in new settlement
- Tenants will suffer again under City Council’s outrageous plan for apartment buildings
- Landlords are suing over the NYC rent freeze — and it isn't the first time
- NYC’s market rate tenants getting stuck with Mamdani’s rent-freeze bill: board member