NY Court Nixes Rent Perks For Tribeca Tower Residents

Law360, New York (April 4, 2012, 5:03 PM EDT) -- A New York appeals panel ruled Tuesday that residents of a luxury Tribeca apartment complex aren’t entitled to rent stabilization just because a city agency mistakenly continued to send rent-control benefits to owner Stellar Management after it left the city’s rent regulation program.

The New York Supreme Court Appellate Division's ruling overturned a 2010 state Supreme Court decision that sided with the residents of Independence Plaza, a high-end housing complex built by renowned Manhattan developer and Stellar Chairman Laurence Gluck.

The plaza, which was constructed in...
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