The owners of 42 rent-regulated buildings in New York City have agreed to extend more than $1 million in rent credits to nearly 1,700 tenants under a settlement with Attorney General Eric Schneiderman announced Tuesday.
The owners, a partnership of several private equity firms including Normandy Real Estate Partners and Westbrook Partners, also agreed to terminate Colonial Management, the managing company for the buildings, which are located in Manhattan, the Bronx and Brooklyn. Schneiderman’s office is investigating alleged harassment of tenants by Colonial.
