February 28th 2025.
A recent investigation by New York Attorney General Letitia James uncovered some troubling news for tenants living in 21 apartment units in East Harlem. It was discovered that their landlord, Emerald Equity Group, LLC, had been overcharging them by a staggering amount - more than $50,000 in total. The real estate firm, which owns a total of 13 buildings in the area, was found to have unlawfully deregulated these rent-stabilized units and was now facing consequences for their actions.
According to a report by Patch, James has demanded that the apartments be reinstated as rent-stabilized and that Emerald repay the unlawfully charged amount of $54,799.66 to the affected tenants. In addition, it was revealed that the landlord had failed to comply with the law by not keeping tenants' security deposits in separate accounts. Despite their bankruptcy filing, the properties will now be transferred to Emerald's lender, who will be responsible for ensuring that the new owners adhere to the same settlement.
James did not mince words when addressing the situation, stating that Emerald had blatantly disregarded rent stabilization laws and had denied many New Yorkers access to affordable and reliable housing. The list of affected apartment buildings includes 203, 210, 220, and 230 West 107th Street, as well as 124-136 East 117th Street, 215, 231, 235, and 244 East 117th Street, 316, 322, and 326 East 117th Street, and 1661 Park Avenue.
As a result of the investigation, Emerald has been legally mandated to reinstate the 21 apartments as rent-stabilized within the next 60 days and to refund the excess rent collected from tenants within 30 days. Furthermore, the landlord is required to inform all affected tenants of the changes and to establish separate accounts for security deposits within the same 30-day period. Failure to meet these deadlines will result in a daily penalty of $500 for each violation until they are rectified.
In response to the outcome, James expressed her commitment to bringing justice to the families that Emerald had harmed and to ensuring fair and equitable housing for future renters. This news coincides with the launch of a new collaboration between Gap and Harlem's Fashion Row, a non-profit organization that supports designers of color. This collection aims to celebrate the vibrant culture and spirit of Harlem, highlighting the importance of diversity and inclusivity in the fashion industry.
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