Karole v 340 W. End Ave., LLC, 2022 NY Slip Op 50317(U) [74 Misc 3d 1233(A)] (2022)

Citation: Karole v 340 W. End Ave., LLC, 2022 NY Slip Op 50317(U) [74 Misc 3d 1233(A)] (2022)
Parent Document: Karole v 340 W. End Ave., LLC, 2022 NY Slip Op 50317(U) [74 Misc 3d 1233(A)] (2022)
Jurisdiction: New York (state)
Effective Date: 2022-04-06
Original Source: https://nycourts.gov/reporter/3dseries/2022/2022_50317.htm ↗

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However, a landlord of a rent-stabilized apartment is entitled to keep, as an administrative
fee, "a sum equivalent to one percent per annum upon the security money so deposited" (Rent
Stabilization Code [9 NYCRR] 2525.4 [b]). At the tenant's option, the remaining balance of the
accrued interest may be paid annually to the tenant ( id. ). Here, claimant did not establish
that there was any unpaid accrued interest on her security deposit at the time she vacated the
apartment. The evidence at trial indicated that defendant kept a portion of the accrued interest,
and the remaining portion was paid annually to claimant.

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