NY TIMES -- While aggressive evictions are reducing the number of rent-stabilized apartments in New York, Representative Charles B. Rangel is enjoying four of them, including three adjacent units on the 16th floor overlooking Upper Manhattan in a building owned by one of New York’s premier real estate developers (see pictures above).
Mr. Rangel, who has a net worth of $566,000 to $1.2 million, according to Congressional disclosure records, paid a total rent of $3,894 monthly in 2007 for the four apartments at Lenox Terrace (16M, 16N, 16P and 10U), a 1,700-unit luxury development of six towers, with doormen, that is described in real estate publications as Harlem’s most prestigious address.
MP: Market rents for those apartments would be more than $7,000 per month.
Update: Rep. Rangel defiantly defends having four rent-stabilized apartments in NY Daily News, "I don't see anything unfair about it, and I didn't even know it was a deal." (Thanks to Juandos.) Here's a followup NY Times story.