SPIEGEL IN THE TIMES: INTEREST ON SECURITY DEPOSITS

Our partner, Glenn H. Spiegel was quoted in the Real Estate Section of Sunday's New York Times .

Here's the piece in its entirety:

Claiming Interest on Security Deposits

I rent a Westchester condominium apartment and have never received a notice of interest earned on my two months' security deposit held by the owner. Are condo renters entitled to interest on their security deposits?

"The state's General Obligations Law requires that a tenant's security deposit be placed in an interest-bearing account whenever the deposit is for a rental in a building that contains six or more dwelling units," said Glenn H. Spiegel, a real estate lawyer in Manhattan. He said the law did not differentiate between rental buildings and condo buildings.

So if the writer's apartment is in a building with six or more units, he is entitled to interest on the security deposit and to know the name and address of the bank where the account is maintained. He added that when a security deposit is placed in an interest-bearing account, the landlord -- here, the apartment owner -- is entitled to an annual administration fee equal to 1 percent of the deposit.