Search
 

Stuy-Town Rents Roll Back Until June

NEW YORK CITY-The complex's current ownership and attorneys for a group of tenants have extended an interim agreement to adjust market-rate rents.

By Paul Bubny | Updated on February 04, 2010

NEW YORK CITY- Tenants at Peter Cooper Village and Stuyvesant Town will continue paying lower rents until June under an interim agreement that was extended Wednesday. The agreement, which was set to expire at the end of January, adjusts market-rate rents to estimated rent-stabilized levels for a group of tenants that successfully sued the massive complex’s ownership in a case that went all the way to the state’s highest court. The court ruled last October that Stuy-Town’s ownership, a joint venture led by Tishman Speyer Properties and Blackrock Realty, illegally deregulated some 4,400 units at the 11,227-unit complex on Manhattan’s East Side.

According to a joint statement issued Wednesday by the JV and two law firms representing the tenants, Wolf Haldenstein Adler Freeman & Herz LLP and Bernstein Liebhard LLP, “Each affected tenant will also continue to be afforded certain rights as if pursuant to the Rent Stabilization Law, including renewal and succession rights.” Additionally, tenants will be reimbursed for their November and December 2009 rent payments, “either by way of a corresponding reduction of current tenants’ March 2010 rent bills or a refund check issued to former tenants who moved after paying their November and/or December rents,” according to the statement.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.