Irving Schneider’s estate, the current owner of Manhattan’s Yorkshire Towers, is being accused of trying to force out its tenants ahead of a planned sale of the property to Laurence Gluck’s Stellar Management and Jospeh Chetrit’s Chetrit Group for $500 million.
The current residents of the 707 unit building claim their rents are being jacked up by the owner by as much as 35%, in an effort to get them to move out. Some have seen rent increases of as much as $1, 000 per month.
Many have also been told that their leases will not be renewed for reasons such as the need to do renovations in their apartments. As many as 100 units are reportedly vacant at the moment. Half the building’s units are said to be rent stabilized while he rest go for market rates.
Residents say they believe that this is all being done because Chetrit and Stellar intend to convert the whole building into luxury condominiums.
Located at 305-315 East 86th Street and constructed in 1964, the building has 21 floors and is lined with terraces. It has a total of 703, 000 square feet of floor space.
It offers residents amenities such as a formal concierge desk, building valet and package room, an indoor swimming pool, an indoor lounge, an outdoor park setting, medical doctors and other professional tenants, and an indoor parking garage.
Stellar Management is an owner manager of more than 20, 000 apartment homes and two million square feet of office space in New York City, Metro Washington D.C., San Francisco, Chicago and South Florida. Its principal managers are Laurence Gluck, Paula Katz and Robert A. Rosania.
Irving Schneider, who passed away in 2012 at age 93, was a member of the Brandeis University Board of Trustees. He was one of the University’s most generous supporters, and funded the construction of the $15 million Irving Schneider and Family Building at the Heller School, which opened in 2006.
They get to stay for now.