233 E 5th Street. Image credit: GoogleMaps

Post-vacancy rent increase raised rent beyond $2,000 threshold and resulted in decontrolling a rent-stabilized apartment. In November 2003, Craig Smith and Elise Stone rented an apartment at 233 East 5th Street in Manhattan. Prior to their occupancy, the previous tenant resided in the unit as a rent-stabilized tenant. The previous tenant’s rent at the end of his occupancy was $1,836.20 per month. On renting the apartment Smith and Stone accepted a 20-percent vacancy increase. This increase in rent brought the apartment’s rent above luxury decontrol threshold of $2,000 in effect at the time. (read more…)