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Blackstone Group will pay about $1.1 million in refunds to rent-stabilized tenants at Parker Towers in Queens. The lawsuit was initially launched in March 2018 against the Jack Parker Corporation, which accused the real estate company of illegally deregulating apartments in the 1,327-unit Forest Hills rental complex despite receiving tax breaks under the J-51 program, which requires landlords to keep their apartments rent stabilized. Jack Parker then sold the towers to Blackstone in November for $500 million, after which the firm was named as a defendant in the suit.
