Eric T. Schneiderman |

New York Attorney General Eric T. Schneiderman announced a settlement on Wednesday with the former management company of the Three Borough Pool that requires Colonial Management Group LLC to provide more than $225,000 in rent credits.

The settlement also requires the company to provide restitution to tenants and complete allegedly delayed maintenance projects within one year.

“This agreement shows that we will leave no stone unturned in holding property owners accountable and in securing full and meaningful relief for tenants who have endured harassment and neglect,” Schneiderman said.

David Kramer, the owner of Colonial Management, owns seven of the 42 buildings in the Three Borough Pool portfolio. The agreement with Kramer comes after a separate agreement with the majority owners of the 42 buildings.

The agreement requires Kramer and Colonial Management to provide a one-time rent credit to tenants to compensate for alleged illegal fees and overcharges, provide $50,000 in restitution to tenants in all buildings, dissolve Colonial Management and select a new management company, conduct outstanding repairs and correct all code violations within one year, forgo any rent increases for work required to bring the properties into compliance with the city’s Housing Maintenance Code, and provide all tenants with notice of their right to organize and participate in tenant associations and use community spaces to facilitate efforts.

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