Tribeca’s Independence Plaza North residents hope Stuy Town ruling applies to them

TRD New York /
Nov.November 06, 2009 09:39 AM

Across town from Tishman Speyer’s Stuyvesant Town and Peter Cooper Village, residents of Independence Plaza North at 80 North Moore Street in Tribeca are hoping the recent rent-stabilization ruling applies to them, too. At the 1,339-unit I.P.N., a case brewing since 2005 argues that tenants’ rents should be stabilized because their landlord received tax abatements through the city’s J-51 program. The state’s highest court recently ruled that the investors owe $200 million to Stuyvesant Town residents who were overcharged on their rents for the same reason. Stephen Meister, an attorney who represented the Real Estate Board of New York in the most recent Stuyvesant Town appeal and also represents I.P.N.’s landlord, Laurence Gluck, said the cases are quite different. In I.P.N.’s case, the city mistakenly continued to grant Gluck tax breaks for two years after he removed the building from the Mitchell-Lama middle-class housing program in 2004, Meister said. After he stopped receiving the abatement, Gluck repaid roughly $17,000. In April, the I.P.N. case was turned over to the state Division of Housing and Community Renewal, which expects to issue an opinion no earlier than January. [Downtown Express]


Related Articles

arrow_forward_ios
Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies

Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws

Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws

Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

Berlin, Germany (Credit: Getty Images, iStock)

Rent freeze in Berlin ends calls for expropriation, but may spark disinvestment

Governor Andrew Cuomo (Credit: Getty Images, iStock, and Pixabay)

Analysis: Here’s what the new rent law will do to the average stabilized apartment

(Credit: iStock)

“Indentured landlord” in rent-reg lawsuit vents at politicians

A&E Real Estate Holdings principal Douglas Eisenberg and the properties along Queens Blvd and 65th Avenue (Credit: The Rego Park 18 Portfolio)

A&E Real Estate buys huge rent-stabilized portfolio at deep discount

Clockwise from left: 5203-5207 Church Avenue in Brooklyn, 119-40 Metropolitan Avenue in Queens, 855 East 217th Street in the Bronx and 31-35 Steinway Street in Queens (Credit: Google Maps)

Going once, Going twice! Rent-stabilized portfolio hits auction block

arrow_forward_ios
Loading...