50 Regent At Liberty Harbor

I normally do not write reviews, but wanted to alert tenants to double check the contract before signing with 50 Regent. My lawyer strongly advised against signing the contract primarily due to the clause which requires tenants to add 50 Regent as an insured party.
He mentioned several reasons, but the main ones are:
1. In case of large damage to the building (e.g. the whole building burns down), the renters insurance payout would be prorated between the tenant and 50 Regent. Given the large losses to the building, the tenant’s portion of the payout would be a small portion of the total payout and would probably not cover the losses for which they they were insured.
2. Having 50 Regent as an insured party could render the renters insurance invalid. An insured party is barred to make a claim against the insurance’s liability coverage against another person/​entity under the same policy. This could make the tenant personally liable for damages/​accidents.
It is recommended that the landlord is added as a an «Interested Party» instead of an «Insured Party». This allows the landlord to verify that payments are up to date and coverage is sufficient without being an «Insured Party».
Lastly, before speaking with a lawyer, I contacted the 2 insurance companies that I normally work with and they refused to add 50 Regent as an insured party. Here is the response I received from one:
In regards to listing the landlord and management company on your policy, we do receive requests for that often. It is not something that we will do because that would provide them coverage on your personal policy. However, we can give you what is called a Certificate of Insurance that lists your landlord and the management company as an additional interest. It does not extend coverage to them and typically satisfies their requirements. When you need to show them the proof, please let me know what exactly they want listed and then I can send it to you once the policy is issued.
In conclusion, there are numerous similarly comparable apartments in price and décor in the same area with no need to add the landlord and management company to the policy. I opted to rent at another building and take no extra personal liability in doing so.
Hope this helps somebody make an informed decision.

I was interested in 50 Regent and did some quick research about the developer, Peter Mocco. Turns out, he has been banned from practicing law, has many pending lawsuits and his companies are bankrupt. Additionally, reviews of his other buildings indicate they have several strategies to keep security deposits and overcharge tenants.
Here are a few links: