The New York State Supreme Court ruled Monday that Laurence Gluck had unlawfully deregulated rents at the Independence Plaza North residential complex in TriBeCa while receiving tax breaks, according to an article today at crains.com by Amanda Fung.
Mr. Gluck had taken the 1,331-unit, three-tower complex out of the Mitchell-Lama program in 2004 and the court's ruling "rejected a state decision earlier this year that said that the complex was not rent stabilized because Mr. Gluck received" the J-51 tax incentives "after the complex was out of the Mitchell Lama program," the article said, adding that "when he learned there was a problem, Mr. Gluck repaid the city for those tax breaks."
The article said that Seth Miller of Collins Dobkin & Miller, which represents the tenants in the case, said that he was "happy about the decision, but it is tempered by the fact it took this long."
"Mr. Miller," The article continued, "refused to disclose the amount of rent overcharges that might be due to his clients as a result of the ruling. He also added that he expects Mr. Gluck to appeal the decision. This decision will also likely have an impact on a separate lawsuit filed by the federal government against Mr. Gluck. That case involves money that was paid to Mr. Gluck when Independence Plaza North exited the Mitchell Lama program, Mr. Miller said."
"Earlier this year," the article continued, "Mr. Gluck lost Riverton Houses, the sprawling 1,230-unit, rent-regulated apartment complex in Harlem. He had tried to turn that property into a market-rate rental, but he failed and eventually defaulted on the mortgage. That property was sold in a foreclosure auction this year."
In 1975, the architectural firm of Oppenheimer, Brady & Vogelstein with Barry Goldsmith as project architect and John Pruyn as associated architects designed Independence Plaza North, one of the city's handsomest middle-income housing projects.
A megastructure with its cantilevered, 40-story towers of red brick and striated concrete block overlooking the Hudson River, it stretches north of Chambers Street to North Moore Streets in TriBeCa. It is just to the west of several low-rise Federal houses that were relocated at about the same time to the site and sold for as little as about $60,000 each.
Mr. Gluck had taken the 1,331-unit, three-tower complex out of the Mitchell-Lama program in 2004 and the court's ruling "rejected a state decision earlier this year that said that the complex was not rent stabilized because Mr. Gluck received" the J-51 tax incentives "after the complex was out of the Mitchell Lama program," the article said, adding that "when he learned there was a problem, Mr. Gluck repaid the city for those tax breaks."
The article said that Seth Miller of Collins Dobkin & Miller, which represents the tenants in the case, said that he was "happy about the decision, but it is tempered by the fact it took this long."
"Mr. Miller," The article continued, "refused to disclose the amount of rent overcharges that might be due to his clients as a result of the ruling. He also added that he expects Mr. Gluck to appeal the decision. This decision will also likely have an impact on a separate lawsuit filed by the federal government against Mr. Gluck. That case involves money that was paid to Mr. Gluck when Independence Plaza North exited the Mitchell Lama program, Mr. Miller said."
"Earlier this year," the article continued, "Mr. Gluck lost Riverton Houses, the sprawling 1,230-unit, rent-regulated apartment complex in Harlem. He had tried to turn that property into a market-rate rental, but he failed and eventually defaulted on the mortgage. That property was sold in a foreclosure auction this year."
In 1975, the architectural firm of Oppenheimer, Brady & Vogelstein with Barry Goldsmith as project architect and John Pruyn as associated architects designed Independence Plaza North, one of the city's handsomest middle-income housing projects.
A megastructure with its cantilevered, 40-story towers of red brick and striated concrete block overlooking the Hudson River, it stretches north of Chambers Street to North Moore Streets in TriBeCa. It is just to the west of several low-rise Federal houses that were relocated at about the same time to the site and sold for as little as about $60,000 each.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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