Left rectangle ads redesigned
Robert Ripps book
History of Tribeca Buildings
Apartments in 50 Murray, 90 West were illegally deregulated
Tenants in 50 Murray and 90 West won a lawsuit against their respective landlords, arguing that their apartments should have been rent stabilized since the landlords accepted a 1995 tax abatement called 421-g. That discount provided financial incentive to developers to convert Lower Manhattan office buildings into residential/mixed-use buildings, contributing to the increase in downtown’s population four-fold in 20 years. (See those Downtown Alliance stats here.)
The landlords tried to argue that the apartments can be deregulated as part of the luxury provision of the Rent Reform Act, but the state Court of Appeals said no go. (The court doc is here, if you want to read the original, and thanks to Mr. U. and G. for sending.)
The Journal does a little analysis on just how many people will be affected: “There are at least 32 rental buildings, which have 5,560 apartments, that receive the 421-g tax abatement, according to an analysis of data from the New York City Department of Finance and the Independent Budget Office. Of those buildings, three buildings—just over 700 apartments—have stabilized leases, according to the buildings’ tax documents.” You can read a bit more here as well, in The Real Deal.
18 Comments
Comment:
Medium rectangle #1 (top)
Right column rectangle ads
Mega rectangle
Restaurant guide icon
How do they win and IPN ( Independence Plaza North) complex that started Tribeca tenants lose against Larry Gluck (greedy landlord). He took a tax abatement for years then paid it back.Tenants fought won and then it was overturned in Albany. Tenants there since the 70s. Landlord paid paid off politicians and Albany. Not right.
Right on point Native! Larry Gluck and Bloomberg are pals! That’s why we lost! Blatant political corruption, and payoffs, no doubt! Independence Plaza should be rent controlled.
No one helped the people of Independence Plaza. No advocate came to fight the decision, including Cuomo. Meanwhile during voting all the politicians are outside the complex looking for their votes. They do nothing for the tenants at all. Disgraceful hush hush money paid under the table. Tax abatement given to greedy landlord. He was then able to pay it back? How is that legit? Lap tenants content and voucher tenants downsized paying more in certain circumstances then the Lap. A sad story of living in a city that greedy landlord always wins. After living through 911 and all. They turned their backs on the tenants.
Native & Old Tribeca – How right you are. The judge among others were paid off. It’s a disgrace. IPN is not qualified for Rent Control but for Rent Stabilization since first tenants moved in about 1976. There should be Rent Stabilized tenants living here instead of Fair Market tenants. The rents are outrageous with $5,000/mo + rents for sub divided warren-like rooms, broken leaking pipes, 3 working elevators if they work out of 4, constant construction, vermin etc. And they advertise it as luxury.
regarding Doxie comment. you are so right! these people are idiots. The place is falling apart. Young ” wall street” or the ” entitled” come to live there for a short time. Its a hotel in and out. For long term tenants that have no where else to go its scary. No political people to help, no tenant association ( last meeting 5 ago) very very sad.
So does this mean that any tenant in 50 Murray, also those who did not participate in the lawsuit, will get compensated? I have been living there since 2010 myself and would like to understand more about the consequences.
Seeing that I read the court ruling and still have a tenuous grasp on the issue, I would consult a tenant lawyer such as the Met Council on Housing folks.
If you had a lease at 50 Murray on or prior to June 30, 2017, or 53 Park Place on or prior to June 30, 2015, you can contact info@50MTA.com (50 Murray Tenants Association) for more information.
The beauty of these rulings is they help all tenants. People new to the city have protections as well. It is a very good thing. Tenancy cannot be held at the whim of a select few otherwise our cities cannot function as well because people don’t want to stay and build a life in a place so inhospitable.
not everyone wins TG. go online and look up IPN Independence Plaza. Tenants there from the very beginning. Who also lived through 911 and are sick now. They lost a 7 year fight with the landlord. Same fight that was won in Sty Town. Not fair, not right. No comers with the same win? how is this possible.
What if you moved out of 90 West Street a few years ago? Can you be reimbursed if your rent was over what it should have been ????
Yes you should be legally entitled to reimbursement just like all of the 85 John St. Tenants that lived in the building prior to the expiration of their 421g tax abatement. Also, if the landlord, in this case Kibel, did not state on every page of the lease that the building was under a 421g tax abatement, then all tenants are entitled to rent stabilization, even after the expired tax abatement, if they held a lease prior to the expiration.
Thank you! How does o e apply for reimbursement??
How does this affect recent tenants (90 West) who signed leases in the past year or two?
What should current, long-time tenants of 90 West Street do? Hire attorneys and start individual lawsuits?
And how will the legal rents be calculated?
@50MTA, I sent an email a couple of days ago. Still a tenant at 50M, and wanted to understand my reimbursement/lease options after the lawsuit.
Thank you.
Did you ever hear back?