N.Y. AG's settlement requires property owner to pay more than $225K in rent credits

ALBANY, N.Y. (Legal Newsline) - New York Attorney General Eric 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.

“Over 1 million families live in rent-regulated housing in New York City, and each of those families has the right to decent and safe housing and the right to organize without being subjected to harassment or retaliation,” Schneiderman said. “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.”

David Kramer, the owner of Colonial Management, owns seven of the 42 buildings in the Three Borough Pool portfolio. The agreement with Kramer - which includes restitution, rent credit, conducting repairs, forgoing rent increases and more - comes after a separate agreement with the majority owners of the 42 buildings.