CLASS ACTION SETTLEMENT UPDATE
Our August 28 Newsletter reported that the notice of entry of the Court’s judgment approving the class action settlement was served on August 6, which should have meant that the settlement would have become final 30 days thereafter – that is, the day after Labor Day. However, because of Gov. Cuomo’s COVID-19 Executive Orders, all court deadlines were suspended until November 4. As a result, the class action will not become final until December 4. Settlement credits are required to be posted to tenants’ rent accounts within 60 days of settlement finality, or by February 3. We understand that the settlement administrator may move more quickly than that. Gateway Management has informed us that they hope that the settlement credits will appear on the January or February rent bills.
If you would like get the most up to date information about the class action settlement, please see the settlement website: https://www.gatewayplazasettlement.com, or contact class counsel, Jeffrey Norton, JNorton@nfllp.com, (212) 619-5400.
RENT STABILIZATION UPDATE
Now that HUD has signed off on the QRS Agreement, GPTA has been told that all QRS tenants, who received 5% increases prior to the new stabilization agreement, have received credit for the overpayment as of this December billing cycle.