Stuy Town case going to court tomorrow

The New York state Court of Appeals will hear a case tomorrow on whether landlords are allowed to deregulate rent-controlled apartments while receiving J-15 tax abatements for building improvements. The case is an appeal of the March judgment against Tishman Speyer, owner of Stuyvesant Town and Peter Cooper Village, in which the court found that it had illegally deregulated units in the two apartment complexes. If the decision is upheld, Tishman could be forced to return $200 million in overpaid rent to tenants. This would be a punishing blow to the embattled management company, which has seen its reserve funds dwindle to $49.6 million.

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