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    Search results for "Luxury Decontrol"

    Owner Faulted on Luxury Decontrol of East Village Apartment

    Court Decisions  •  Luxury Decontrol  •  East Village, Manhattan

    187 East 4th Street, Manhattan. Image credit: CityLand

    East Village landlord improperly deregulated luxury apartment while receiving a City J-51 tax benefit. Until 1999, apartment 5M at 187 East 4th Street in Manhattan’s East Village was a rent-stabilized unit with a rent of $1,464 per month. When the apartment became vacant the owner, 72A Realty Associates L.P., installed new windows, closets, cabinets, countertops and other improvements totaling over $18,000 in costs. Based on the improvements, the owner obtained a J-51 real property tax abatement. At the same time the owner raised the rent by 20 percent based on the vacancy, and added an additional 1/40th of improvement costs. These increases raised the rent above the $2,000 threshold for decontrolling the apartment. (more…)

    Tags : Appellate Division First Department, East 4th Street, East Village, Luxury Decontrol
    Date: 11/08/2017
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    Landlord Wins Decontrol Dispute in First Department

    Court Decisions  •  Luxury Decontrol  •  East Village, Manhattan

    233 E 5th Street. Image credit: GoogleMaps

    Post-vacancy rent increase raised rent beyond $2,000 threshold and resulted in decontrolling a rent-stabilized apartment. In November 2003, Craig Smith and Elise Stone rented an apartment at 233 East 5th Street in Manhattan. Prior to their occupancy, the previous tenant resided in the unit as a rent-stabilized tenant. The previous tenant’s rent at the end of his occupancy was $1,836.20 per month. On renting the apartment Smith and Stone accepted a 20-percent vacancy increase. This increase in rent brought the apartment’s rent above luxury decontrol threshold of $2,000 in effect at the time. (more…)

    Tags : East Village, rent regulation, Supreme Court Appellate Term
    Date: 08/01/2017
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    Tenant Wins New Lower Base Rent

    CityLaw  •  Rent Stabilization

    Third Avenue Residential Apartments at 160 East 84th Street. Image credit: CityLaw.

    State used sampling method to set new base rent for studio improperly deregulated under luxury decontrol. The owner of a rental building at 160 East 84th Street, Manhattan, took advantage of the luxury decontrol provisions of the Rent Stabilization Law to deregulate a studio apartment. Subsequently, the New York Court of Appeals ruled that buildings like 160 East 84th Street were ineligible to take advantage of luxury decontrol because the building was also receiving tax incentive benefits under New York City’s j-51 program. (more…)

    Tags : deregulated, Luxury Decontrol, rent, Rent Stabilization, stabilized rent
    Date: 11/19/2018
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    Owner Wins Rent Stabilization Dispute

    CityLaw  •  Rent Stabilization  •  Tribeca, Manhattan

    50 Murray Street in Manhattan. Image credit: CityLaw.

    Tenants of a Tribeca high rise luxury rental building claimed protection of rent stabilization. Tenants of Tribeca House, a luxury rental residential building located at 50 Murray Street, Manhattan claimed that the owner of the building overcharged the tenants. Tribeca House, a twenty-one-story luxury loft apartment building, has 389 apartments comprised of studio, one, two, and three bedroom units. (more…)

    Tags : 50 Murray Street, loft apartment, Real Property Tax Law, residential building, Section 421-g, tenants
    Date: 08/17/2018
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    421-a Property Tax Process Renewed

    CityLaw  •  Agency News  •  Citywide

    NYC HPD

    The revised Section 421-a offers new opportunities for affordable housing. The 421-a property tax exemption began in 1971 as an incentive for developers to develop badly needed housing in New York City. When the real estate market rebounded in the 80s, the program was amended to condition tax abatements on the construction of affordable housing units. The program expired in June 2016. In its place, the State Legislature passed the “Affordable New York” program in 2017. (more…)

    Tags : 421-a, housing, New York City Property Tax, property tax, RPTL 421-a
    Date: 03/07/2018
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