New York City agrees to pay $60 million to property owners whose buildings are seized under the city’s Third Party Transfer (TPT) program. The deal settles a class-action lawsuit filed by owners who allege they were not properly compensated after their properties were taken, according to court documents and reporting.
The dispute centers on how the TPT program handles properties associated with unpaid taxes and other financial debts, and whether owners receive adequate compensation during the seizure process. Coverage also notes that the settlement follows the lawsuit’s challenge to the program’s outcomes for affected owners. Separate reporting says the settlement involves 64 properties and that the city’s new leadership considers bringing the TPT program back in a revised form. The outlets differ mainly in emphasis—some focus on the payout and legal resolution, while others also stress the mayoral plans to revisit the program’s structure—while describing the same overall settlement and underlying seizure allegations.
