Apartments in a building at 447-448 Central Park West that was supposed to be converted into a co-op in the 1980’s were turned back into market-rate rentals, according to Attorney General Letitia James. Now landlord Labe Twerski is being forced to make those 31 units into rent-stabilized apartments under a settlement with James’ office.
The building between 104th and 105th Streets had converted from a rental to a co-op in the late 1980’s, but Twerski subsequently took control of the apartments, James asserted in a release.
“Soon after the conversions, however, Twerski’s companies stopped selling shares to homebuyers. Instead, he reacquired all of the shares that had been sold and began renting out all of the apartments at market rate, circumventing the protections of New York’s rent stabilization laws. Operating the buildings exclusively as for-profit rental buildings thus exceeded the authority conferred upon the co-op corporations in their certificates of incorporation, in violation of New York Executive and Business Corporation Law.”
Twerski did not respond to requests for comment.