- Associated Press - Tuesday, June 2, 2015

NEW YORK (AP) - The state has reached a $1.2 million settlement with developers who illegally converted rent-stabilized apartments into luxury condos at a New York City building.

State Attorney General Eric Schneiderman announced the agreement by Margaret Streicker Porres and Newcastle Realty Services on Monday.

The Daily News (http://nydn.us/1dbJ5VU ) says the developers agreed to pay the money to a city affordable-housing fund for the loss of five apartments at the Upper West Side building on 78th Street.

They also agreed to pay two years’ rent to tenants who remained and reimburse their legal fees.

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Information from: Daily News, http://www.nydailynews.com

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