The New York Appeals court has confirmed that a landlord who deregulated an apartment back in 2004 did so correctly. The case had to do with the 20% vacancy allowance and how it is applied. The apartment was deregulated after applying the 20% vacancy allowance but a lower court had said the rent paid by the previous tenant needs to exceed the rent stabilization threshold. Previously, the court system had awarded the tenant over $100k in overcharged rent and that decision was vacated.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.