What is this lawsuit about?

The Plaintiffs brought claims challenging the deregulation from rent stabilization of apartments at 415, 425, 435, 445 and 455 West 23rd Street, and 420, 430, 440, 450 and 460 West 24th Street. Plaintiffs alleged that certain apartment units had been impermissibly deregulated pursuant to the “high rent/vacancy” and “high rent/high income,” or so‑called “luxury decontrol,” provisions of the Rent Stabilization Law while the Buildings were participating in the J‑51 Program.

The Defendant denies any and all liability or wrongdoing with respect to the claims alleged in the lawsuit, but desires to settle the case because a settlement will avoid the risk, expense and distraction of continued litigation.

Who is included?

Class Members are defined as all persons who paid a rent for a Unit, pursuant to a non‑rent stabilized lease, that was not calculated pursuant to the RSL and RSC, between November 13, 2005, and June 30, 2014, that exceeded the amount allowed by the Rent Stabilization Law and Code, the period when Defendant was participating in the J‑51 tax benefit program.

What does the Settlement provide?

Defendant has previously paid $2,819,237.54 to Class Members for their Past Rent Claims while this lawsuit has been pending. Defendant has agreed to pay to Class Members Past Rent Claims that have not been paid, if any, plus interest on the Past Rent Claim calculated at the non‑compounding rate of 6.5% up to the date of December 31, 2017, less any non‑payment of rent and any rent concessions that are not reflected in the billing used to calculate the amounts, which amounts will be distributed to each Class Member who has a Past Rent Claim, who has timely and properly filed a Claim Form, and who has not elected to be an Opt‑Out. For more information, see the Settlement Benefits page.