Blackstone is dropping its appeal of a state court ruling last year that upheld rent stabilization at Stuyvesant Town-Peter Cooper Village, Manhattan's largest apartment complex.
As a result, all 11,200 units at the apartment complex, known as StuyTown, will remain permanently rent-stabilized.
The landlord's decision comes a week after the U.S. Supreme Court declined to hear an appeal of a lower court's ruling upholding NYC's 2019 rent stabilization law.
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