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Tribeca's Stuy Town Case Gets a Little Help From the Feds

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Tribeca's 1,339-unit Independence Plaza North has had a Stuy Town-esque lawsuit making its long, slow way through the courts for several years already, but now U.S. Attorney Preet Bharara is getting involved, re-lighting a fire under the whole dispute. As Downtown Express explains, I.P.N. owner Laurence Gluck has been getting federal subsidies ever since he pulled the complex out of the Mitchell-Lama program in 2004. Those subsidies made up the difference between what Section 8 tenants paid and the market-rate values of the apartments. But Bharara?and the tenants?argue that the apartments should have been rent-stabilized all along, so Gluck should give back the extra money. But, says Gluck's lawyer, Gluck already repaid his tax break, so the Stuy Town ruling shouldn't apply to him. Either way, I.P.N. probably picked a bad week to ask Gluck, owner of Harlem's to-be-auctioned Riverton Houses, to open his wallet.
· Feds say Gluck is gouging I.P.N. [Downtown Express]
· Rent Wars: Tribeca's Stuy Town Sequel [Curbed]