Not the normal NYCondoBlog news today – but interesting read on today’s New York Apartment wire…

via Curbed by way of The New York Condo Loft

Stuy Town has gone into foreclosure, as Tishman defaulted on a loan payment on January 8th, 2010. A few months back, the tenants, fighting against the market rate rents they were being charged, won their case in court, bringing back rent stabilized apartments to the property until June 2010 (if not longer). The entire situation is extremely complicated – but it does bring about questions of how many other landlords have attempted to receive J-51 tax breaks for non rent-stabilized apartments in the past.

Now, the rumor mill is churning, wondering if Tribeca’s Independence Plaza North property should earn the title of “The Next Stuy Town.” Writes Curbed: Landlord Laurence Gluck pulled the 1,339-unit Independence Plaza North complex out of the Mitchell-Lama program in 2004 but continued receiving J-51 tax breaks for two years after that. Realizing this could end up causing rent problems, Gluck repaid two years of the tax breaks to the city, and the city retroactively agreed that he had stopped getting them in ‘04. Tenants sued, arguing that their rents just should have been stabilized all along, and the judge in the case asked for DHCR’s opinion, the Times reports. DHCR’s ruling was…not to make a ruling. The city runs the J-51 program, DHCR said, so if the city says Gluck stopped receiving J-51 benefits in 2004, ‘04 it was.

We certainly know some great rental brokers if your looking for a New York Apartment down in the TriBeCa neighborhood so please e-mail us at nycondoblog@gmail.com for more information & a great referral.

- James

This entry was posted on Thursday, March 11th, 2010 at 3:41 pm and is filed under NY Condo Blog. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.