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Stuy-Town Parties Extend Rent Deal

NEW YORK CITY-The agreement between the apartment complex’s current owners and plaintiffs in the J-51 case now runs through year’s end.

By Paul Bubny | Updated on June 10, 2010

NEW YORK CITY-Under an extended agreement announced Thursday, tenants at Peter Cooper Village and Stuyvesant Town will continue paying lower rents until year’s end. This marks the second extension for the agreement, which was set to originally expire at the end of January but was extended until June.

The agreement 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 New York State Court of Appeals ruled last October that Stuy-Town’s ownership, a joint venture led by Tishman Speyer Properties and Blackrock Realty, illegally deregulated approximately 4,400 units at the 11,227-unit complex on Manhattan’s East Side after receiving J-51 tax benefits.

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