Despite units in the building sometimes going for as low as $99,000, the homeowners could soon be forced out as a looming ground lease renewal threatens to send their monthly costs skyrocketing.
The Grumets and their neighbors aren't just dealing with the rising cost of living… they're also caught in a battle over the dirt their building sits on.
Billionaire real estate investors Rubin Schron and David Werner, the owners of Carnegie House's ground lease, are demanding to raise the building's annual rent from $4 million to a staggering $25 million.
Richard Hirsch, president of the building's co-op board, put it bluntly to Crains: 'We're not billionaires, we're thousand-aires.'
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