TEXT OF STORY
LISA NAPOLI: Turns out the average compensation for Wall Street Workers is far from average. According to figures released Tuesday, Wall Streeters pulled down an average of $289,664 last year. That’s about five times the average for the regular New Yorker.
Meanwhile, some people who don’t make that much cash in Manhattan are wondering what’s going to happen to their apartments. The owners of Rockefeller Center and the Chrysler Building have made what the NY Times is calling the largest American real estate deal ever: $5.4 billion for the residential complex called Stuyvesant Town. Alex Goldmark looks at what it could mean for the families who live there.
ALEX GOLDMARK: Back in 1947 MetLife used city subsidies to build decent housing for returning veterans and since then Stuyvesant Town has been a haven of middle class housing.
Professor of Real Estate at Baruch College, John Goring, says that new ownership won’t change rents right away because most of the 11,000 units are protected by rent stabilization laws.
But tenants are still on edge. The new landlord, Tishman Speyer still hasn’t announced its plan for when apartments become market rate units.
JOHN GORING: They have in fact pledged a considerable amount of money which suggests they will be looking for ways to increase the returns to justify the price of this.
Goring says it may fall on the City to keep Stuy Town a middle class neighborhood through subsidies and housing vouchers.
I’m Alex Goldmark for Marketplace.
If you’re a member of your local public radio station, we thank you — because your support helps those stations keep programs like Marketplace on the air. But for Marketplace to continue to grow, we need additional investment from those who care most about what we do: superfans like you.
Your donation — as little as $5 — helps us create more content that matters to you and your community, and to reach more people where they are – whether that’s radio, podcasts or online.
When you contribute directly to Marketplace, you become a partner in that mission: someone who understands that when we all get smarter, everybody wins.