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Stuy-Town Rents To Be Adjusted

NEW YORK CITY-An agreement between the two sides in the Stuyvesant Town ruling says the rollbacks to rent-stabilized levels will cover January and February 2010 payments.

By Paul Bubny | Updated on December 14, 2009

NEW YORK CITY-The two sides in the battle over decontrolling rent-stabilized apartments at Peter Cooper Village/Stuyvesant Town said Monday they had reached an agreement to adjust rents downward for January and February 2010. The court order, issued by Justice Richard B. Lowe III of the state Supreme Court, also says Stuy-Town’s ownership and the tenants who successfully sued them are to hire a consultant to calculate the difference between the stabilized rents and negotiated rents for each unit by Jan. 15.

“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.

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