Gluck wins court ruling in illegal rent-deregulation case at Independence Plaza

TRD New York /
May.May 17, 2011 06:03 PM

A federal judge has ruled that landlord Larry Gluck did not illegally deregulate apartments at his 1,328-unit Tribeca Complex Independence Plaza at 80 North Moore Street, according to Crain’s. Gluck had previously filed a notice of appeal after a state judge ruled last summer that he had illegally deregulated the units by removing them from rent regulation while still accepting J-51 tax breaks.

Gluck acquired the property, between Greenwich and West streets, in 2003 and soon after began the process of taking the development out of state rent-protection and the federal Mitchell-Lama program.

“The recent federal court decision adopts entirely what the ownership of this property has said all along. Independence Plaza is not and never has been rent regulated,”a spokesperson for Gluck said.

Last month, The Real Deal reported that a debt on the complex had been transferred to a special servicer in order to extend the mortgage. [Crain’s]

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