Landlord Documented Cost of IAIs

LVT Number: #31144

Rent-stabilized tenant complained of rent overcharge in March 2017. The DRA ruled against tenant, who appealed and lost. Landlord had claimed that prior tenant lived in the apartment for 40 years. When prior tenant moved out, landlord did a gut renovation of the apartment before tenant moved in. Landlord showed that it spent $76,852 on individual apartment improvements (IAIs) and was therefore allowed to collect a 1/60th increase of $1,281 per month. Landlord also was entitled to collect a 20 percent vacancy increase and an 18.6 percent longevity increase.