Amid all the Stuy Town hubbub, there was another little-noticed tax break rent-stabilization case wending its way through the legal system: a suit involving FiDi's 37 Wall Street, where tenants claimed rents should be stabilized because the building owner has a 421-g tax break. On December 23, a housing court judged ruled on the tenants' side. In the intervening days, Downtown Express did a little digging, and the paper now reports that nearly 5,000 FiDi units, or 16 rental buildings, could end up rent-stabilized as a result of the ruling. Who are the lucky duck tenants? 200 Water Street, 63 Wall Street, and 90 West Street, among others (right). The landlords, meanwhile, say they were following city instructions when they deregulated rents above $2,000. As one exec at 45 Wall landlord TF Cornerstone put it: “We would never, ever risk the tax benefits."
· 5,000 FiDi apartments could be eligible for rent regulation [Downtown Express]
Filed under:
Loading comments...