CityRealty Insider > New Developments in the News

New Developments in the News

SEPTEMBER 7, 2010

Independence Plaza owner busted for deregulation double-dipping; New landlord law makes “silent partners” speak up

In a decision similar—though on a somewhat smaller scale—to the recent one involving the owners of Stuyvesant Town/Peter Cooper Village, a New York State Supreme Court has ruled that the owner of Independence Plaza North residential complex in TriBeCa unlawfully deregulated rents at the residence while receiving tax breaks from the state. Owner Laurence Gluck deregulated rents at the three-tower complex in 2004 while still continuing to receive J-51 tax incentives. Gluck failed in a similar move to deregulate the sprawling 1,230-unit rent-regulated Riverton Houses in Harlem, eventually defaulting on that property’s mortgage.

The City Council has passed legislation requiring city landlords with a 25 percent or greater stake in any corporation that owns a residential building to register not only their name but with a real, live office location within the city. The intent of the legislation is to make it easier to track down negligent landlords, and harder for said landlords to hide behind big corporations instead of taking care of business.

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