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Two of our attorneys are quoted in yet another article appearing in the December issue of The Real Deal magazine. 

This latest piece focuses on Stellar Management, a large New Yok City landlord which is supposedly respected by its industry peers.  However, their tenants see the company as “egregious [law] violators,” as reporter Eddie Small noted.

Currently, Newman Ferrara is representing some sixty tenants in a class-action lawsuit alleging multiple rent law infractions, including that Stellar “misrepresented IAI costs and received J-51 tax breaks that it was not entitled to,” reads The Real Deal.  

According to Senior Partner Lucas A. Ferrara, that misconduct includes “the most extreme examples of sidestepping the rent laws that [he has] seen in 30 years.”  

Senior Associate, Roger Sachar, who is working with Ferrara on the litigation, was of the view that some of the people at the company “are cheats up and down and sideways.” 

Given the law’s “dramatic limits” on rent increases, Ferrara notes that many landlords are refusing to accept that there's a new regime; new rules that govern how owners will operate in this state.  

“They’re still in denial,” Ferrara told Small.  “They all think there’s some white knight that is going to save them from these terrible rent laws, and it’s not happening.” 

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To view the piece featured in the magazine, click here: https://therealdeal.com/issues_articles/stellars-dueling-worlds/ 

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If you require legal assistance with a matter, please do not hesitate to call one of our attorneys at 212-619-5400.