Tribeca Complex Actually Was Illegally Deregulated, Judge Says

Tenants in Independence Plaza North were on the Stuy Town bandwagon long before there was a Stuy Town bandwagon. They filed a lawsuit five years ago arguing that landlord Laurence Gluck had illegally destabilized rents in the Tribeca complex after getting J-51 tax breaks. Gluck attempted to take care of that by paying back all tax breaks received after Independence Plaza North left the Mitchell-Lama program, and, as of March, that was good enough for the state's Department of Housing and Community Renewal. It was not, however, good enough for the state Supreme Court judge who reversed DHCR's decision yesterday. The judge ruled that Gluck's deregulation of rents at Independence Plaza North was illegal, Crain's reports. No word on what kind of refunds the tenants might be due for, and there's probably another appeal from Gluck in the works. But, since there's still a federal lawsuit in the courts against Gluck, this could be a one-two punch.
· Court rules against big Manhattan landlord [Crain's]
· Independence Plaza North coverage [Curbed]