In August 1991, petitioner 251 CPW Housing LLC's (the landlord) predecessor-in-interest and respondent Yitzhak "James" Pastreich (the tenant) entered into a rent-stabilized lease reciting a monthly rent of $5,747.52. The lease contained a rider which, inter alia, provided for a preferential rent of $3,000 per month on the condition that the tenant accept the apartment in "as is" condition. The rider further provided that at the end of the term of the initial preferential...
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