Tribeca's Stuy Town Not Actually Like Stuy Town, State Says

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    NEWSLETTERS

    Tribeca's Independence Plaza North has been among the many bidders for the "next Stuy Town" title, but according to the state's Division of Housing and Community Renewal, it shouldn't get it. A bit of backstory: landlord Laurence Gluck pulled the 1,339-unit Independence Plaza North complex out of the Mitchell-Lama program in 2004 but continued receiving J-51 tax breaks for two years after that. Realizing this could end up causing rent problems, Gluck repaid two years of the tax breaks to the city, and the city retroactively agreed that he had stopped getting them in '04. Tenants sued, arguing that their rents just should have been stabilized all along, and the judge in the case asked for DHCR's opinion, the Times reports. DHCR's ruling was...not to make a ruling. The city runs the J-51 program, DHCR said, so if the city says Gluck stopped receiving J-51 benefits in 2004, '04 it was. The judge still has the final say, so this could all go the other way. But given what the rest of his day looks like, Gluck's probably happy for any positive vibes.

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