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Thursday, March 28, 2024

NYS Court Rules in Favor of Bistricer’s Clipper Equity in Tenant Case

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Tribeca House, 50 Murray Street

A New York State high court has overturned a New York State Supreme Court judge ruling that David Bistricer’s Clipper Equity had overcharged more than 40 tenants on rent at the same time benefitting from tax breaks through a program called 421-g.

Bistricer was born in Belgium in 1949 to Orthodox Jewish parents who were Holocaust survivors. His mother was a prisoner of the Bergen-Belsen concentration camp and his father hid from the Nazis in Budapest. Two years after his birth, he and his parents arrived in the United State where they founded Clipper Equity. Bistricer currently lives with his wife Ester n Borough Park, Brooklyn. They have five children. Bistricer’s son J.J. is active in the family business.

Clipper Equity specializes in new developments, multi-family rentals and condominiums. The 67-year old Bistricer’s portfolio consists of thousands of rental units which includes the historic Hotel Bossert in Brooklyn Heights, once known as the “Waldorf Astoria of Brooklyn.”

The ruling reversed the decision made by Judge Carol Edmead in July who said that Bistricer, whose property is located at 50 Murray Street, had illegally deregulated their apartments under the 421-g Tax Incentive program that served a real estate tax exemption and abatement for conversion of commercial buildings, or portions of building, into multiple dwelling in most areas of Manhattan South of Murray Street, City Hall and the Brooklyn Bridge. All rental units become subject to Rent Stabilization for the duration of the benefits.

Edmead’s argument was rejected by the appellate division saying that the clause in question had to be taken in perspective of the rent guidelines already in place.

Despite the court’s ruling, the lawyer for the plaintiffs said that the tenants will be appealing the decision to the Court of Appeals, the highest court in New York State.

Neither David Bistricer and his representatives for Clipper Equity along with the tenants at 50 Murray Street were available to offer their reactions to the decision.

By: Aiden Mansfield

 

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