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

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

TRD New York /
Apr.April 15, 2014 12:00 PM

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


Related Articles

arrow_forward_ios

Lower Manhattan is tale of two markets: Rental demand is up as sales slow

The development site at 98 Dekalb Avenue and Rockrose Development's Justin and Henry Elghanayan (Credit: Google Maps)

Rockrose is moving into Brooklyn

Fearless Girl and Charging Bull statues, and an aerial view of Battery Park (Credit: Getty Images)

Resi sales are slow in Battery Park City, while FiDi sees uptick

Brokerages sue former owners of Battery Park Ritz-Carlton for unpaid commission

FiDi sales are still falling as homes sell at
a discount

Rockrose paves the way for Hudson Yards rental tower with $20M air rights deal

Rockrose has filed plans for a Hudson Yards rental tower

Rockrose secures $71M to refi Midtown apartment building

arrow_forward_ios