Nov 26, 2024, 12:00 AM
Nov 26, 2024, 12:00 AM

Blackstone pays $15 million to settle rent overcharges for NYC tenants

Highlights
  • A group of New York City renters claimed they were overcharged on their rent-stabilized apartments, leading to a lawsuit.
  • The settlement will distribute nearly $15 million among affected tenants, some of whom may receive over $100,000.
  • The resolution of this case reflects broader challenges within affordable housing in New York City.
Story

In November 2024, a significant settlement was reached involving the private equity firm Blackstone and dozens of renters from New York City. These renters accused Blackstone of violating rent-stabilization rules, leading to overcharges on their monthly rent for their apartments. The settlement results from a class-action lawsuit filed in 2018 against both Blackstone and the former property owner, the Jack Parker Corporation, who had previously managed the Parker Towers complex in Queens. Blackstone acquired the property in the same year. Of the total settlement of nearly $15 million, individual tenants are expected to receive substantial financial compensation, with some receiving over $100,000 each. This settlement highlights the financial struggles faced by tenants in a city with exorbitant living costs and demonstrates the ongoing issues surrounding rental equity and housing rights within New York City.

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