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Argo will probably pay some fines and be done with it. For those claiming that rent stabilization is perpetual, it isn't, and landlords have various legal and illegal ways of getting rid of rent stabilized rents and removing units from rent stabilization.
various programs can terminate when the landlord no longer receives the perks or fails to meet the requirements . j51 is a big mess as far as what happens when perks end with court cases still being sorted out and ruled on . at this point i am still not sure what happens when a building is stabilized only because of the j51 benefits and was not stabilized prior.
i know there is a big to do with proper notification involved if that is the case but it still seems to be case by case in court . i would consult a real estate attorney if i really needed to know on j51 issues ..
421 is more of a 10 year deal . when it expires so does being stabilized .
these programs are different than regular stabilized apartments and fall under different rules . these programs are where you see 5k rents for a 2 bedroom yet the apartments are stabilized .
Last edited by mathjak107; 03-28-2018 at 04:27 AM..
Argo should be made to pay back every penny of the J51 money they took...$1.4 million, and then pay a fine atop that.
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