Developer pays $1M to settle Parker Towers suit
BY BILL PARRY
Some Forest Hills residents
are thanking a housing
watchdog group for taking on
a global asset management
firm and winning at least the
first round.
The Housing Rights
Initiative — a nonprofit that
has sued major landlords,
including a firm run by
senior presidential advisor
Jared Kushner — has won
a preliminary victory in
its fight on behalf of rentstabilized
tenants at the
sprawling Parker Towers, the
1,327-unit housing complex at
104-20 Queens Blvd.
Blackstone Group, which
bought the development from
the Jack Parker Corporation
for $500 million in November,
has agreed to pay about $1.1
million in refunds to tenants
after the Housing Rights
Initiative (HRI) generated
a class action lawsuit, filed
by the law firm Newman
Ferrara, against the Jack
Parker Corporation in March
2018, claiming the company
illegally deregulated
apartments despite getting
massive tax breaks under
the J-51 program, which
requires owners to keep their
apartments rent stabilized.
The suit, one of the largest
J-51 lawsuits in city history,
remains ongoing.
“The goal here is not to get
back some of what was stolen,
but to get back all of what
was stolen,” HRI Executive
Director Aaron Carr said.
“Stay tuned.”
The complex, which was
built in 1960, features three
20-story apartment towers
which offer amenities such
as 24-hour doorman service,
a dog run, indoor parking
and a private club.
The original lawsuit
charged the owners illegally
leased apartments at marketrents,
never gave leases to
tenants and failed to register
the units with the state,
according to HRI.
In announcing the
agreement, Blackstone
said it was reviewing lease
agreements and has found
that 110 units were entitled
to reductions and about 82
Some residents of Parker Towers in Forest Hills are due refunds from complex owner Blackstone in an
ongoing lawsuit. File photo
units should be re-regulated.
Blackstone said the average
rent reduction would be
about $230 a month.
“We are pleased that we
were able to voluntarily
address this issue quickly
and fairly for our residents,”
a Blackstone statement said.
“We will continue to review
the prior owners’ lease
files with the expectation
of resolving and remaining
issues expeditiously.”
Attorney Lucas Ferrara,
the founder of Newman
Ferrara which is representing
the tenants, said the lawsuit
is ongoing.
“We appreciate that the
new landlord is taking steps
to recognize these tenant’s
rent stabilization rights
following the actions of the
prior owner,” he said. “While
we believe that these tenants
are entitled to additional
relief, we look forward to
working with ownership to
reach a fair and equitable
solution for our clients.”
HRI’s leader Carr called
the settlement a significant
first step in a series of steps
to restoring the rights of
hundreds of tenants.
Great rates like ours are always in season.
7-Month
CD or IRA CD 2.00% 2.45%
APY2
$5,000 minimum deposit
Maximum
Money Market
APY1
$100,000 minimum deposit
To qualify you must have or open any Flushing Bank Complete Checking account3 which provides you
with access to over 55,000 ATMs, ATM fee rebates, mobile banking and mobile check deposit.
For more information and to find out about our other great offers, visit your local Flushing Bank branch,
call 800.581.2889 (855.540.2274 TTY/TDD) or visit www.FlushingBank.com.
Small enough to know you.
Large enough to help you.®
1 New Maximum Money Market account and new money only. APY effective April 19, 2019. Annual percentage yield assumes principal and interest remain on deposit for a full year at current
rate. Minimum deposit balance to open the Maximum Money Market account is $5,000. Funds cannot be transferred from an existing Flushing Bank account. The APY for the Maximum Money
Market account is 0.10% for daily account balances between $0 and $4,999, 0.15% for daily balances between $5,000 and $24,999, 1.25% for daily balances between $25,000 and $74,999, 1.25%
for daily balances between $75,000 and $99,999 and 2.00% for daily balances of $100,000 or more. Rates may change at any time without notice. You must maintain the stated tier balance
for the statement cycle to receive the respective disclosed yield for that tier. 2 New money only. APY effective April 19, 2019. Annual percentage yield assumes principal and interest remain on
deposit for a full year at current rate. Minimum deposit balance of $5,000 is required. Funds cannot be transferred from an existing Flushing Bank account. For new IRA and rollover accounts,
the minimum deposit balance is $5,000. Premature withdrawals may be subject to bank and IRS penalties. Rates and offer are subject to change without notice. 3 New money required for
new checking accounts only. A Flushing Bank checking account with a $5,000 minimum balance is required to receive the advertised rate. Certain fees, minimum balance
requirements and restrictions may apply. Fees may reduce earnings on these accounts. A checking account is not required for IRA accounts.
Flushing Bank is a registered trademark
TIMESLEDGER,8 APR. 26-MAY 2, 2019 QNS.COM
/www.FlushingBank.com
/www.FlushingBank.com
/QNS.COM
