Categorized | Housing, Newswire

Tracey Towers Lawsuit Fails to Stop 65 Percent Rent Hike

A State Supreme Court Justice ruled a rent increase of over 65 percent is permitted to take effect at Tracey Towers, a 869-unit apartment complex on Mosholu Parkway. NY Daily News reports that the complex’s tenant organization sued the city in August, and received a temporary restraint against the increase.

Officials say the increases are needed to repair the aging buildings and to avoid defaulting on a $40 million loan from the New York City Housing Development Corporation.

State Assembly candidate Mark Gjonaj championed the lawsuit.

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