Curbed reports that tenants of the Hotel Chelsea have reached an agreement with hotel owner King & Grove over the future of the landmarked building. The deal comes one month after King & Grove CEO Ed Scheetz bought out Joseph Chetrit, the developer and former owner of the landmark building, who had a contentious relationship with the 38-member Chelsea Tenant Association, which included allegations that he was "intentionally neglecting to complete renovations in an attempt to drive the residents from their rent-stabilized homes."
According to The Real Deal, the settlement covers "a 4.7-month rent abatement, a 20-percent reduction in monthly rent until renovations are complete, exemption from rent increases tied to capital improvements and the payment of about $100,000 in legal fees."
While the renovations are being completed, tenants will also be put up at the King & Grove New York on East 29th Street.
The developers expect to finish work on the building in early 2014.