Winds tore off the roof liner at Grandville Towers during Hurricane Sandy on October 29, (Photo by Ken Kalada. Click to enlarge)
By JOE FISHER
Tenants of Red Bank’s Grandville Towers face rent increases as high as 15 percent under a $3.8 million capital improvement plan to be considered next month by the borough’s rent leveling board.
Teddy Construction Company, owner of the 91-unit high-rise complex, is scheduled make its pitch for the increases at a special board meeting April 2. [UPDATE: The April 2 meeting has been canceled at the request of Teddy’s lawyer. No new date has been set.]
Whether rents can be raised to Teddy’s satisfaction will hinge on whether work slated for the 10-story structure on Morford Place qualifies as capital improvements or maintenance, according to board officials.