AG James Secures More Than $613,000 from Developers for Flouting Rent-Stabilization Requirements and Deceiving Tenants

Posted to Applied Web NY on Mon, 10/26/2020 - 16:57

NEW YORK – New York Attorney General Letitia James today announced agreements in four cases involving developers failing to comply with rent-stabilization requirements. The 421-a program provides partial property tax exemptions to real estate developers that build qualifying new housing in New York City. Under New York state law, developers that apply for and receive 421-a tax benefits must register the apartments as rent stabilized and provide the tenants with rent-stabilized leases, rights, and protections, unless the properties are exempt from these requirements because they are operated as a condominium or cooperative. The developers of the Bridgeview Tower Condominium in Long Island City, 5-11 50th Avenue in Long Island City, 33 Bay 41st St in Brooklyn, and 63-36 99th St in Rego Park, all received 421-a tax benefits, but failed to adhere to the relevant requirements.

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