The Real Deal New York

Stuy-Town settlement with MetLife reached, questions remain

March 02, 2012 08:30AM

Stuyvesant Town/ Peter Cooper Village

MetLife and the tenants of Stuyvesant Town/Peter Cooper Village have tentatively reached a deal to settle their lawsuit over rent deregulation, Crain’s reported.

The insurance giant said in a regulatory filing earlier this week that it had reached a settlement with tenants pertaining to the well-known 2007 lawsuit over illegally deregulated apartments for which MetLife and later Tishman Speyer received J-51 tax benefits.

Sources also told Crain’s that a settlement was pending with CW Capital, which took over the building when Tishman Speyer failed to make payments. Landlords throughout the city have anticipated the deal, as it will help clarify J-51 rules in other pending cases.

Tenants are not sure how to feel quite yet, Crain’s said. “I don’t know whether I should be optimistic or pessimistic,” said resident and City Council member Dan Garodnick, who lives in the complex. “The key is what are the terms.” [Crain's]

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