Kushner Cos. has settled a lawsuit with BLS Holdco, which accused the company of misleading them during a 2014 purchase of six buildings from Brooklyn Law School. BLS claimed that Kushner misrepresented the rent-stabilized status of the buildings, asserting that only seven of 77 units were rent-stabilized when in fact all were. This critical piece of information was integral to BLS's investment decision, leading to legal troubles following the 2019 rent law changes. Although the settlement dismisses the case permanently, the terms remain undisclosed.
BLS alleged that Kushner Cos. misrepresented the rental status of the units during their purchase, claiming that all 77 units were, in fact, rent-stabilized.
The lawsuit's dismissal leaves BLS with undisclosed terms, closing the chapter on a complex investment that faced legal challenges post-2019 rent regulations.
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