Tishman Speyer to appeal deregulation ruling

Tishman Speyer Properties was granted the right to appeal the New York State Appellate Court’s decision that the developer illegally deregulated rent stabilized apartments in Stuyvesant Town and Peter Cooper Village. The Appellate Division ruled last month that Tishman and the complexes’ former owner, Metropolitan Life, should not have deregulated apartments while receiving the J-51 tax abatements, which are given for making building improvements. The ruling would have required Tishman and other landlords to re-regulate apartments and pay tenants the difference between the market rents they were paying and the regulated rents.

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