Lucas Ferrara, senior partner at Newman Ferrara LLP, was quoted in Georgia Kromrei’s piece in The Real Deal, as Ferrara is representing the tenants of a Financial District tower who were illegally charged market-rate rents while their landlord received tax benefits.
The 90 Washington Street lawsuit claims that roughly 500 tenants were not provided with rent-regulated leases, a requirement for the 421-g tax breaks. The tenants believe they are entitled to monetary damages, interest, and attorney fees.
“We are astounded by the number of FiDi landlords who have skirted the requirements of New York City’s tax-abatement programs. This is yet another example of a major property owner caught red-handed, and who failed to treat its apartments as rent-regulated,” Ferrara told The Real Deal. “Such malfeasance will not stand.”
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To read the full story, please click here: https://therealdeal.com/2020/02/25/moinian-sued-for-charging-market-rate-rents-despite-tax-break/