Q&A
Discussion on the Article 11 regulatory agreement and building rehabilitation
1:17:45
·
3 min
Council Member Alexa Aviles inquires about the Article 11 regulatory agreement and the proposed rehabilitation of 341 10th Street.
Representatives from Stellar Management provide details on the agreement's terms, renovation plans, and efforts to address tenant concerns.
- The Article 11 agreement puts the building into a 40-year regulatory agreement with income restrictions for new residents
- Stellar Management has budgeted millions for renovations, including terrace repairs, lobby renovation, and security upgrades
- The company emphasizes ongoing communication and engagement with tenants to address their concerns and needs
Alexa Aviles
1:17:45
So let's switch a little bit to the Article 11 regulatory agreement.
1:17:50
How does the post article 11 agreement lock in rehabilitation and preservation of the existing building.
Benjamin Rubenstein
1:17:59
So the Article 11 puts it into a 40 year regulatory agreement.
1:18:05
That then income restricts any new resident that would come into the building.
1:18:11
So everyone who's currently living in the building would remain in their unit.
1:18:16
However, upon vacancy, there would be a process through the HPD battery system that would income verify according to the units and and and there's there's a whole detail HPD has where each unit has specific income limits and rent limits and be filled over time.
Alexa Aviles
1:18:36
And can you further describe the scope of the rehabilitation and renovation proposed for the existing building?
Benjamin Rubenstein
1:18:44
Sure.
1:18:44
We we have budgeted 1,000,000 of dollars for the renovation of the building.
1:18:49
This includes is not limited to replacing terrace stores to an individual apartments, fully renovating the existing lobby, providing additional security cameras, updating the community room, and full fully renovating back.
1:19:05
As well as looking at building systems and ensuring that everything like elevators, plumbing, roof is all in tip top shape and where repairs need to be made, we will make them.
Alexa Aviles
1:19:18
I'm sure this next question is a little bit of an overlap feel free to further expand.
1:19:26
Can you describe how Stellar is further addressing the concerns expressed by the car and red stabilized tenants.
1:19:32
Sure.
Karen Hernandez
1:19:37
So I have been working very closely with the existing residents, not just a unstabilized residence, but everyone over on the building.
1:19:44
And what I've really been trying to do is keep an open line of communication with them so that they feel comfortable enough to tell us what their needs are, what what they is missing, the repairs that need to be made, you know, improvements that need to be made by stellar.
1:20:00
And since I've been involved in working with them, I feel like we have done, you know, a lot of things to the building to make the residents happy, such as providing more security, doing walk throughs with the local precinct.
1:20:13
In this building, specifically, there's a lot of security concerns.
1:20:16
So we're trying to do everything we can.
1:20:18
To make sure that our residents feel safe.
1:20:20
And as it pertains to building repairs, you know, some of the people are here.
1:20:25
We have great staff.
1:20:27
Super great.
1:20:28
And we will continue working with them to make sure that everything else that they have asked for is given to them.
Alexa Aviles
1:20:38
I certainly appreciate that.
1:20:39
And just as a general statement, I would expect that this is the level of engagement.
1:20:46
100%.
1:20:46
That management would have on a consistent basis with their tenants, devoid of rezoning.
1:20:53
Applications.
