We just thought of something, the Hotel owes us interest on our security deposits. In all of the time we’ve lived at the Chelsea Hotel we have never received any interest. We would like, (and I’m sure many other tenants would like as well) some accounting of this money and of course to be paid. Here is the relevant paragraph from the NY Rent Guidelines Board.
The security deposit must be kept by the owner in an interest-bearing account in a New York State bank. The owner must notify the tenant of the name and address of the bank and pay the tenant the full annual interest, less 1% of the security deposit per year for the owner's administrative costs. The tenant can choose whether the interest is to be subtracted from the rent, held in trust until the end of the tenancy, or paid in a lump sum at the end of each year.
In addition to the tenants living here now, we assume that there are lots of former tenants who likewise have not received the proper accounting of their security deposits. We think that all of them should contact Chelsea Hotel manager Andrew Tilley and ask for their money. Let us know how it turns out. -- Ed Hamilton
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