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 … <Read More>
Search Results for: Luxury Decontrol
Tenant Wins New Lower Base Rent
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 … <Read More>