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Hey Dude, Where’s my Security Deposit Interest?

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 Percent 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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14 responses to “Hey Dude, Where’s my Security Deposit Interest?”

  1. Pennywise Avatar
    Pennywise

    Great suggestion, Ed!
    I’m certain interest would be a non issue if Bard was around making the Hotel feel like Home. Times are tough now economically, so its a good idea to to claim that interest and not let Tilley use tenants’ money to rip out the roof gardens or effect any other destruction!

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  2. Cunning with Scissors Avatar
    Cunning with Scissors

    Tilley is siphoning off the interest and applying it to the cost of his hair treatments at SuperCuts

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  3. Avatar
    Anonymous

    Call the Bards. They probably know where the money is, they kept great records.

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  4. Vindaloo Avatar
    Vindaloo

    Yeah well, you know how that goes. Nobody needed records when Bard was here, Mr. Anonymous Flack. And nobody talked about Rent Stabilization, either. Times they change. So does New Management, and often. You might try Craigslist’s Help Wanted after you’ve invested your two cents on the Blog…Thank You for visiting. Please Come Again.

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  5. Avatar
    Anonymous

    Do the Bards know where Piri Thomas’s money is? No?
    I guess you’d have to call David Elder for that one.
    See, we’d rather have Bard and his poor recordkeeping over David Elder who is a thief, or so says the California Superior Court which determined he’d taken 1.2 Million in Chelsea Hotel profits from his own stepfather. So you do the math, genius.

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  6. Old & Crappy Avatar
    Old & Crappy

    Yeah! Something for the new comptroller to do. He should have this figured out in a jiffy and get our checks to us by the end of the week.

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  7. Avatar
    Anonymous

    at least the Bards turned a dollar. you guys aren’t making anything but asses of yourselves. Yes i’m talking to you anonymous one.

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  8. How Long Has This Been Going On? Avatar
    How Long Has This Been Going On?

    How much longer are you people going to go on blaming the Bards? They’ve been gone for almost TWO years. Krauss and Elder have done nothing but destroy the vibe of the hotel. Whatever “mismanagement” the Bards were accused of should have been righted by now. Why hasn’t it? Instead, things have gotten a lot worse. It’s not so easy to run a hotel when you don’t know what you’re doing.
    Things have made in into the media that the Bards would have been able to keep out of the media. On and on the list could go, but I don’t have time to talk to people who don’t want to listen anyway.

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  9. where the money is Avatar
    where the money is

    yippee…found money. nearly thirty years worth of interest and it never once crossed my mind until this place soured on residents…i suppose soon i will take a welcome vacation from all the illegal demolitions, squads of security goons, peeping eye cameras, dipshit management, busted elevators, more spy cameras, the unmedicated, the overcompensated, the unmitigated, the unlicensed, the greedy, the wrongly terminated, “bathroom specialists”, Stop Work Orders, and not being permitted to retrieve my own mail. call the cruise lines, honey!! i’m goin first class!!!
    but i’ll be back, a bit closer to the time that the Bards return.. after all i’m rent stabilized thanks to all this jackass litigation, also quite unnecessary when the Bards were here.

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  10. Heat Is a Right Too Avatar
    Heat Is a Right Too

    Building owners must provide all tenants with Heat:
    Heat (During the heating season, October 1 through May 31)
    – Between 6 a.m. and 10 p.m., heat must register at least 68 degrees Fahrenheit inside when the outside temperature falls below 55 degrees;
    – Between 10 p.m. and 6 a.m., heat must register at least 55 degrees Fahrenheit when the outside temperature falls below 40 degrees

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  11. Avatar
    Anonymous

    I hope Marlene subtracts my refund from Tilley’s bloated salary.

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  12. Avatar
    Anonymous

    Speaking of salaries… word on the street is Tilley is taking in $300,000/year + bonus from the Krauss and Elder. That’s over $1,150.00 per day!

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  13. Miss H Avatar
    Miss H

    Does this apply to former residents too? I’d be happy to get interest on all the rent I paid, should come to five figures. Then I’d be happy to put that money into a fund to buy Krauss and Elder’s stock.
    I never would have asked Stanley for this money. It was a great privilege to live in the hotel, and living there gave me a great creative charge and helped my work, so I would have considered this a small surcharge, a bargain for the benefits I received there.
    That’s the thing; Krauss and Elder’s hotel doesn’t have those unseen benefits – au contraire — so nobody should let them get away with this money.

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  14. Taxman Avatar
    Taxman

    Don’t forget that, for those of you who paid hotel tax first few months, you are required to receive a tax refund from management. Regardless of how long ago, this is your right.

    Click to access m03_1s.pdf

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