$1M slap in apt. scheme

THE STATE attorney general has reached a $1.2 million settlement with developers who illegally converted rent-stabilized apartments in a landmark Upper West Side building into luxury condos.

“This settlement puts condominium developers on notice that the rights of tenants will — and must — be protected,” said Attorney General Eric Schneiderman.

Margaret Streicker Porres and Newcastle Realty Services agreed to pay $1.2 million to a city affordable-housing fund for the loss of five rent-stabilized apartments at 101 W. 78th St. The deal also requires them to provide two years of rent payments to tenants who stayed and to reimburse legal fees.

The developers bought the 44-unit building in 2012. In 2013, they submitted plans to convert it to condos, saying they would offer 43 units for sale “as is.”

But investigators discovered the developers intended to combine units and build 24 luxury apartments. The developers also induced a dozen tenants to leave under prohibited buyout agreements, the investigation found.