Excess Heat in Basement Unit
This is a very common problem in old steam heated buildings. They get too hot or too cold. Your only option as a renter is to open windows or use vent fans if you have them. I would contact your landlord or management company and see what they have to say. Perhaps they have a solution. You can also talk to your super and see if they have any tips or tricks. Otherwise you are stuck with your situation. A removable window fan with louvers and thermostat would be a simple automatic solution.

Second, when you say steam pipes in an old building I picture old asbestos covered pipes. Don't mess with those, EVER! Asbestos doesn't really degrade and neither does fiberglass provided there is no water damage. If I were you, I'd look for another apartment if you have asbestos. You could be living in a health hazard if the asbestos wasn't removed (and it rarely is as the cost is enormous).