Once a part of a larger, broader Lower East Side, the East Village is one of New York City’s trendiest neighborhoods. Adhering to Manhattan’s street grid unlike its former namesake, the East Village has a vibrant student, immigrant, and artist population, and demand in the area has skyrocketed as a result of being the place to be in Downtown Manhattan. Now, to the chagrin of basically everybody but landlords, rents might increase yet again, but for a completely different reason: the Landmarks Preservation Commission has its sights on the East Village.
In its conspiracy project to landmark all of Lower and Downtown Manhattan attempt to preserve historic architecture from the fate that belied much of the southeastern Lower East Side, the LPC has proposed a district centered on Second Avenue between East Second and Seventh Streets
, comprising a wealth of 19th- and early 20th-century brownstones, walk ups, and federal architecture. The aim of this proposal is overwhelmingly positive, protecting a cherished neighborhood from even the smallest possibility of losing character. But what does it mean for rentals, specifically luxury rentals?