A.G. Schneiderman Announces $1.2 Million Settlement With Manhattan Developer That Pays Restitution To Tenants And Nyc For Rent-Stabilized Apartments Lost In Condo Conversion

Attorney General Eric T. Schneiderman today announced a settlement with 101 West 78th, LLC, Newcastle Realty Services, LLC, and Margaret Streicker Porres, that requires the developer to pay $1.2 million to New York City to compensate for the loss of five rent-stabilized apartments in an Upper West Side building, some of which were effectively deregulated through prohibited buyout agreements. The deal provides two years of rent payments to tenants who have remained in the building.