"The rent adjustment will be reflected in the January invoices that will shortly be sent to residents," according to a joint statement from Tishman Speyer Properties, which owns the 11,227-unit complex in a joint venture with Blackrock Realty, and attorneys from Bernstein Liebhard LLP and Wolf Haldenstein Adler Freeman & Herz LLP, which represented the tenants in Roberts vs. Tishman Speyer Properties.

"During the interim agreement, each affected tenant will also be afforded certain rights available under the Rent Stabilization Law, including the right of renewal and succession rights." The state Court of Appeals in October ruled that Stuy-Town's owners had illegally decontrolled rent-stabilized apartments while also receiving J-51 tax benefits to perform renovations.

In addition to the two-month rent adjustment, the two sides also agreed on "a more inclusive, six-month agreement covering a wider range of unresolved issues beyond those addressed in the interim agreement," according to the joint statement. "The six-month agreement, which is intended to achieve an expedited resolution of the Roberts case, is contingent upon consent by CW Capital, the special servicer acting on behalf of the property's senior lenders."