London Terrace Gardens $4.4M Rent Deregulation Settlement

If you signed a non-rent stabilized lease and rented an apartment at 415, 425, 435, 445, and 455 West 23rd Street, or 420, 430, 440, 450, and 460 West 24th Street, New York, New York, at any time on or after November 13, 2005, up through and including June 30, 2014, you may be eligible to claim an award from a class action settlement.

London Terrace Gardens L.P. has agreed to pay $4,391,786.62 to settle a class action lawsuit for alleged improper deregulation of apartments from rent stabilization while participating in the J-51 Program.

Who Can Claim an Award?

To be eligible for an award, you must have paid rent for a unit at 415, 425, 435, 445, and 455 West 23rd Street, or 420, 430, 440, 450, and 460 West 24th Street, New York, New York, between November 13, 2005, and June 30, 2014. The rent must have been calculated under a non-rent stabilized lease and exceeded the amount allowed by the Rent Stabilization Law and Code during the period when the defendant was participating in the J-51 tax benefit program.

Eligible class members include:

• Current and former tenants who signed a non-rent stabilized lease for a unit in the specified buildings during the class period.
• Tenants who paid rent that exceeded the amount allowed by the Rent Stabilization Law and Code.

What Awards Can Class Members Claim?

Class members who submit a valid claim form will receive a payment based on the alleged overcharge of rents. This is calculated as the difference between the rent that would have been charged under rent stabilization and the rent actually charged, minus any amounts already received from the defendant, less any unpaid rent, plus interest of 6.5% annually up to December 31, 2017.

The awards are distributed as follows:

• Class members who have not been paid will receive their past rent claims plus interest.
• Payments are subject to reductions for any non-payment of rent and rent concessions not reflected in the billing.

For example, if a tenant was overcharged by $1,000 and has not received any payment, they would receive $1,000 plus 6.5% interest annually up to December 31, 2017.

Is Proof Required to Claim the Reward?

Yes. Claimants need to provide proof to claim an award. They must submit a claim form and attest under penalty of perjury that they signed one or more leases for the specified apartments or are authorized legal representatives of such persons.

How to Claim Your Award

To claim your award, complete the claim form and mail it to the Claims Administrator at the address below, postmarked on or before October 15, 2024. You can also file a claim online.

Mailing Address:

London Terrace Gardens Class Action

c/o JND Class Action Administration

PO Box 91226

Seattle, WA 98111

How do I Get Paid?

Payments will be mailed to the address provided on the claim form. Ensure your address is up-to-date with the Claims Administrator.

Settlement Fund Breakdown

The total settlement amount is $4,391,786.62. This includes $2,819,237.54 already paid to class members and an additional $1,572,549.08 available for distribution. Class Counsel will receive up to $3,031,414.88 in fees and expenses, separate from the settlement amount.

Important Dates

• Deadline to File a Claim: October 15, 2024
• Fairness Hearing: November 14, 2024

When will Awards be Paid?

Awards will be paid after the settlement receives final approval and any appeals are resolved.

Why is there a Class Action Settlement?

The class action settlement addresses claims that London Terrace Gardens L.P. improperly deregulated apartments from rent stabilization while participating in the J-51 Program. The defendant denies any wrongdoing but agreed to the settlement to avoid the risk and expense of continued litigation.