Landlord classified rental apartments as being destabilized and charged tenants market rate rents despite receiving J-51 tax benefits. London Terrace Gardens, located along West 23rd Street in Manhattan and built in 1930, occupies an entire block and has 1700 apartments. After the enactment of the Rent Regulation Reform Act of 1993, London Terrace Gardens began deregulating rent-stabilized apartments through high-rent vacancy decontrol. London Terrace Gardens subsequently received J-51 tax abatement and exemption benefits after … <Read More>
