How did they get such a good deal in a neighborhood where apartments average $3,418 a month? They happened to have been long-time residents of an old building sitting on land BFC Partners wanted to redevelop into a 12-story, 65-unit residential, commercial and retail building called Jupiter 21, Yahoo! News reported Thursday.
The nine had to find alternate living arrangements for a couple of years while the new building went up and they can't resell their apartments for a profit, but they can rent them out.
BFC's Joseph Ferrara said the arrangement made financial sense for the developer.
"If it wasn't for the existing residents that were living in a very dilapidated building prior to us constructing Jupiter 21, we would never have a project at this location," he said. "We felt we owed it to them to replace their home with a brand new, modern apartment in a building that is being well-received into the community.
"We hope the existing and new residents thrive in their new environments and enjoy all the amenities that Jupiter 21 has to offer."
Studios and one- and two-bedroom apartments in Jupiter 21 go for $3,000 to $10,000 a month.
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