Dylan Newman, individually and on behalf of all others similarly situated v. GREP ATLANTIC, LLC and NEW YORK UNIVERSITY

CourtDistrict Court, S.D. New York
DecidedMarch 24, 2026
Docket1:25-cv-00178
StatusUnknown

This text of Dylan Newman, individually and on behalf of all others similarly situated v. GREP ATLANTIC, LLC and NEW YORK UNIVERSITY (Dylan Newman, individually and on behalf of all others similarly situated v. GREP ATLANTIC, LLC and NEW YORK UNIVERSITY) is published on Counsel Stack Legal Research, covering District Court, S.D. New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Dylan Newman, individually and on behalf of all others similarly situated v. GREP ATLANTIC, LLC and NEW YORK UNIVERSITY, (S.D.N.Y. 2026).

Opinion

UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK ---------------------------------------------------------------------- X : DYLAN NEWMAN, individually and on behalf of : all others similarly situated, : : Plaintiff, : 25-CV-00178 (JAV) : -v- : OPINION AND ORDER : GREP ATLANTIC, LLC and NEW YORK : UNIVERSITY, : : Defendants. : : ---------------------------------------------------------------------- X JEANNETTE A. VARGAS, United States District Judge: Plaintiff Dylan Newman (“Newman”), a former tenant in a Manhattan residential building, brings this action against Defendants GREP Atlantic, LLC (“GREP” or “Greystar”)1, the building’s property manager, and New York University (“NYU”), the current owner of the building (collectively, “Defendants”). ECF No. 1, ¶¶ 21, 24. Plaintiff alleges that Defendants violated New York General Obligations Law § 7-103(2-a) and brings claims individually and on behalf of members of a putative class of similarly situated tenants in buildings managed or owned by Defendants. ECF No. 40 (“Complaint” or “Am. Compl.”), ¶¶ 30, 40. Defendants move to dismiss the action, or in the alternative strike the class allegations from 1 Plaintiff’s original complaint named Greystar Real Estate Partners, LLC and Greystar Management Services L.P. as Defendants. ECF No. 1. On March 21, 2025, the parties filed a joint motion stipulating to substitute those Defendants with GREP Atlantic, LLC pursuant to Federal Rule of Civil Procedure 25(c). ECF No. 24. Plaintiff’s complaint. ECF No. 44 (“GREP Mot. to Dismiss”) at 25; ECF No. 47 (“NYU Mot. to Dismiss”) at 25. For the reasons stated below, this matter is DISMISSED.

FACTUAL ALLEGATIONS The following background is derived from the First Amended Class Action Complaint and the lease agreements referenced throughout the Complaint. The allegations are accepted as true and construed in the light most favorable to Plaintiff. Between June 2021 and August 2024, Newman and his wife, a non-party,

rented an apartment unit in a residential building known as “The Lanthian,” located at 377 E 33rd St, New York, NY. Am. Compl., ¶¶ 10-13. The Lanthian is a “a full-service luxury residential rental building that houses 209 rental units.” Am. Compl., ¶ 10. For most of Plaintiff’s tenancy, the building was owned by Verbena E 33rd LLC (“Verbena”), a non-party in this matter, until September 2023, when Defendant NYU purchased the building.2 See id. ¶ 20; ECF No. 45-5, ECF No. 45-6 (“2023 Lanthian Deed”). Defendant Greystar has maintained the role of property

manager across Verbena and NYU’s ownership. Am. Compl., ¶ 19. Plaintiff signed his initial lease in June 2021 for the period of July 19, 2021, to August 18, 2022, paying a $1000 security deposit pursuant to its terms. Am. Compl., ¶¶ 10, 12; ECF No. 45-1 (“2021 Lease”) at 1. Plaintiff renewed his lease

2 Verbena Road Holdings, LP was a named defendant in Plaintiff’s original complaint but was removed in Plaintiff’s First Amended Class Action Complaint. See ECF No. 1 at 1; Am. Compl. at 1. twice, first for a lease term of August 19, 2022, to August 18, 2023,, and again for a lease term of August 19, 2023, to August 18, 2024. Am. Compl. ¶ 13; ECF Nos. 45-2 (“2022 Lease”) at 1, 45-3 (“2023 Lease”) at 1.

The 2023 Lease included a rider titled “Class Action Waiver” (“Class Action Waiver” or “Waiver”). ECF No. 45-4. The rider appears as a standalone document in the lease renewal and was signed by Plaintiff and his wife on July 23, 2023. Id. The Class Action Waiver reads as follows: CLASS ACTION WAIVER: You agree that you hereby waive your ability to participate either as a class representative or member of any class action claim(s) against us or our agents. While you are not waiving any right(s) to pursue claims against us related to your tenancy, you hereby agree to file any claim(s) against us in your individual capacity, and you may not be a class action plaintiff, class representative, or member in any purported class action lawsuit (“Class Action”). Accordingly, you expressly waive any right and/or ability to bring, represent, join, or otherwise maintain a Class Action or similar proceeding against us or our agents in any forum. . . . By signing this lease, you accept this waiver and choose to have any claims decided individually. The provisions of this section shall survive the termination or expiration of this lease.

Id. Plaintiff does not refute that he and his wife voluntarily signed this provision as a part of the 2023 Lease.3 In August 2024, near the expiration of their final lease, Plaintiff and his wife emailed The Lanthian’s manager and assistant manager to announce that they were moving out and provide a new address for return of their security deposit and its accrued interest. Am. Compl., ¶ 14. Plaintiff received a $1000 return, reflecting

3 In fact, considering the differing timestamps associated with Plaintiff’s signatures throughout the 2023 Lease, it appears that the Waiver rider was signed separately from the rest of the documents. Compare, e.g., 2023 Lease at 33 with id. at 56. the exact amount he and his wife initially put down as their security deposit. Id., ¶ 16; see 2021 Lease at 1. In response to Mr. Newman’s inquiry about missing accrued interest, Defendants responded “that the interest rate did not exceed 1%.”

Am. Compl., ¶ 17. PROCEDURAL BACKGROUND The First Amended Class Action Complaint principally alleges that “Defendants failed to return the interest accrued on renters’ deposits to tenants and failed to place security deposits in an account that accumulated interest at the ‘prevailing rate earned by other such deposits made with banking organizations in

such area’” in violation of Section 7-103 of New York General Obligations Law. Am. Compl., ¶ 7 (quoting N.Y. Gen. Oblig. L. § 7-103(2-a)). Plaintiff brings this claim individually and on behalf of two putative classes of similarly situated renters. Specifically, Mr. Newman seeks to represent a class of “all persons who rented a residential apartment from Defendants in the United States, paid a security deposit to either of the Defendants, and did not receive accumulated interest on their security deposits from Defendants after vacating their rental

units,” as well as a New York subclass specifically for renters in the state of New York. Am. Compl., ¶¶ 30-31. The complaint alleges that the Court has subject matter jurisdiction over Plaintiff’s claims under the Class Action Fairness Act (“CAFA”), 28 U.S.C. § 1332(d), because there are over 100 putative class members, the aggregate amount in controversy exceeds $5,000,000, and the minimum diversity requirement is satisfied (i.e. at least one class member is a citizen of a state different from any defendant). Am. Compl., ¶ 27. Defendants filed separate motions to dismiss on June 13, 2025. Both

Greystar and NYU argue (1) that the Class Action Waiver precludes Plaintiff’s class allegations against them; (2) that Plaintiff failed to join necessary parties pursuant to Rule 19; (3) that the Complaint relies on impermissible group pleadings in violation of Federal Rule of Civil Procedure 8(a); and (4) that Plaintiff fails to state a claim for which relief can be granted. GREP Mot. to Dismiss at 6, 9, 12, 16; NYU Mot. Dismiss at 5, 8, 10, n.6. Defendants seek dismissal of all claims against them

pursuant to Federal Rule of Civil Procedure

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Dylan Newman, individually and on behalf of all others similarly situated v. GREP ATLANTIC, LLC and NEW YORK UNIVERSITY, Counsel Stack Legal Research, https://law.counselstack.com/opinion/dylan-newman-individually-and-on-behalf-of-all-others-similarly-situated-nysd-2026.