The Real Deal New York

Tenants: Centurion booting us in “non-eviction” conversion

New York-based company reportedly refusing to renew some leases, canceling existing ones

April 15, 2014 12:00PM

22 River Terrace and inset, principal of Centurion John Tashjian

22 River Terrace and John Tashjian (inset)

Tenants of a Battery Park City building that is amid a rental-to-condo conversion are saying their landlord is giving them the boot despite previously leading them to believe they could stay.

Although building owner Centurion Real Estate Partners gave residents of the 324-unit tower at 22 River Terrace a plan mailed in January offering discounted prices for their homes, the New York-based company is now reportedly refusing to renew some leases and canceling existing ones. But the controversial move is legal as case law allows landlords to deny lease renewals to tenants while the attorney general reviews the plan pre-approval, according to the New York Post. Centurion is also within its legal rights to cancel leases that were signed at the end of 2013, as those agreements included a 90-day cancellation rider, BatteryParkTV reported.

Meanwhile, tenants are in an uproar because they can’t buy their apartments or renew their leases until the plan is approved, a process that could take up to 180 days, the Post reported.

Centurion purchased the tower, located between Warren Street and Park Place, for $265 million from Rockrose Development in 2013. The company has since signed on Walker Tower conversion architects Cetra/Ruddy to transform the rental units into luxury condominiums. [NYP] and [BatteryParkTV] Angela Hunt

  • tuppy

    same thing happening in 88 Lexington, expect the “insider prices” were thru the roof. The non-eviction plans are essentially eviction plans but the landlords know that the tenants won’t bargain collectively so it is easy to get everyone to leave.

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