The Real Deal New York

Stuy Town residents win rent break over post-Sandy services

January 31, 2014 02:26PM

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A rent reduction application filed by more than 1,500 Stuyvesant Town-Peter Cooper Village residents impacted by Superstorm Sandy is finally bearing fruit.

The group of residents filed for a rent break in February 2013, pointing to alleged delays in bringing services such as elevators, laundry, intercoms and storage facilities back online for several months following the storm. Residents continued paying full rent in spite of the breakdown, they said, and some of the buildings continue to be without these services, according to Crain’s.

“Residents of this community were without basic services for a long time, and deserve compensation, Councilman Dan Garodnick, who aided the Stuyvesant Town-Peter Cooper Village Tenants Association with the filing process, told Crain’s.

Landlord CWCapital Asset Management, currently representing the property’s bondholders following the previous owner’s debt default, agreed to a one-time, one-month reduction, Crain’s reported. Those affected by the storm-related issues will get 15 percent back from their July 2013 rent, and application signees living in lesser-affected buildings will receive a 7 percent break.

“We are pleased to have reached an agreement so we may put this chapter behind us and focus on the rebuilding work that still remains,” CWCapital said in a statement cited by Crain’s. [Crain's]Julie Strickland

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