595 Baltic Asset LLC

Welcome to the informational website for the 595 Baltic Asset LLC lawsuit.

If you are a current or former tenant, who occupied your apartment at any time after February 27, 2018, of the building located at 595 Baltic Street, Brooklyn, New York, 11217, (the ”Building”), then you may be a member of a Plaintiff Class in a lawsuit against the owners of the aforementioned building, which is currently pending in the New York County Supreme Court.

Plaintiffs here assert that Defendant received 421-a tax benefits at the Building. Under New York State law, these benefits were only available if all the apartments at the Building were subject to the rent-stabilization laws. The 421-a Program requires that the first rents for apartments participating in that program are to be set utilizing the amounts the unit’s first occupant was “charged and paid.” Plaintiffs assert that Defendant violated the law by failing to take into account rent concessions, received by the initial tenants at the Building, when registering the first rents for the units. Additionally, Plaintiffs assert that Defendant utilized concessions on subsequent tenancies, which were not taken into account when setting preferential rents at the Building. Plaintiffs assert that, as a result, tenants at the Building were charged more than the maximum legal rent for their apartments and/or were denied the other benefits of rent stabilization, such as mandatory lease renewals at amounts allowed under New York State law.

On June 5, 2024, the Court certified the lawsuit to proceed as a class action on behalf of all tenants at the Building living, or who had lived, in apartments on or after February 27, 2018, (the “Class”).

Read the Notice and this website carefully. Your legal rights are affected whether you act or do not act.

Your Legal Rights and Options in This Lawsuit

Do Nothing	If you do not request exclusion from the Class, you will be included in the Class and bound by any judgment ordered by the Court. In the event such judgment results from a settlement by the parties, you will have the right to object to the terms of the settlement, to participate in the settlement, or to exclude yourself from the settlement.
Ask to be Excluded	If you exclude yourself, you will not be bound by the Court’s determination of Plaintiff’s claims—whether positive or negative to the Class—and you will remain free to pursue your own claim for damages independently. Letters requesting exclusion should be mailed via First-Class Mail and postmarked on or before March 4, 2025.