CityRealty Insider > New Developments in the News

New Developments in the News

MARCH 28, 2011

Russian composer scores priciest condo; Sen. Majority Leader would axe rent regs

Russian composer and media mogul Igor Krutoy and his wife, Olga, just closed on a $48 million condo in the Plaza, allegedly the most expensive single condo unit ever purchased New York. Krutoy reportedly lost out on earlier bids for apartments in the Time Warner Center and 15 Central Park West—including the apartment currently being rented by Yankee Alex Rodriguez—before buying the 6,000 foot, 12th floor home at the Plaza.

New York State Senate Majority Leader Dean Skelos has rejected all but the most basic parts of current tenant protections up for renewal on June 15, jeopardizing stabilized rents for more than a million of the city’s housing units. This position could lead to a standoff over the vote, as city democrats have demanded the repeal of certain decontrol laws before the legislation is renewed. Governor Cuomo also favors the price controls. A similar showdown led to the 1997 addition of “vacancy” and “luxury” decontrol to rent regulations.

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