The Real Deal New York

Stuy Town couple challenges blockbuster settlement

March 01, 2013 02:30PM

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Stuyvesant Town

Two residents of Stuyvesant Town-Peter Cooper Village are asking a judge to dismiss the planned $68.7 million settlement between tenants and ownership over allegations of rent overcharges.

“The proposed settlement gives the defendants a victory on almost every contestable issue,” say couple Joshua Katz and Leigh Singer in their court papers filed yesterday.

The two have lived at Stuy Town since 2005 and say they are unhappy with the $18 million to $24 million set aside for legal fees, while some residents will receive just $150 from the settlement.

The tenants filed suit in 2007 seeking for $215 million in overcharged rent. They alleged that then-owners MetLife and Tishman Speyer improperly deregulated rent-stabilized units while taking J-51 tax benefits.

Stuy Town owner MetLife and manager CWCapital Asset Manager declined to offer the Post a comment. [NYP]Zachary Kussin

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