Landlord Can't Exit J-51 Tax Benefit Program Retroactively
LVT Number: #24446
Landlord sought to retroactively exit New York's J-51 tax benefit program by paying back all the tax benefits it received through the program. Landlord argued that both the city and landlord had misunderstood the law; therefore, the agreement to accept J-51 should be rescinded. HPD rejected landlord's proposal, and landlord appealed. The court and appeals court ruled against landlord. Landlord can't retroactively leave the J-51 tax abatement program and thereby deregulate apartments that New York's highest court had ruled previously must remain rent stabilized while landlords received J-51 benefits.
London Terrace Gardens, LP v. City of New York: NYLJ, 10/25/12, p. 24, col. 4 (App. Div. 1 Dept.; Tom, JP, Mazzarelli, Moskowitz, Renwick, Abdus-Salaam, JJ)