Edison Properties alleges tenants lied to obtain low rents at large LES 421a building

Edison Properties, which owns the 243-unit Ludlow, at 188 Ludlow Street, through the entity Ludlow Street Development LLC, accused three tenants of colluding with a representative of a nonprofit contracted to vet restricted income tenants, of allegedly  lying on their applications about their income and were allowed to jump ahead in the line, according to a lawsuit filed yesterday in New York State Supreme Court.

The landlord is seeking to evict the three tenants who have leases for three separate units. The law compels Edison to evict the tenants and replace them with qualifying tenants, according to the suit.

The case highlights the conflicting pressures of laws created to benefit tenants, which on the one hand seek to maintain tenants in safe and affordable housing, and on the other hand, distribute extremely valuable income-restricted housing units on a fair and equitable way.

Edison recently refinanced this building, with a $65 million loan originated by Greystone & Co.

Edison last year sold its gigantic self-storage portfolio in New York City for $3.15 billion.

Case link
Direct link to Acris document. link