One month later, Stuy Town rents are still market-rate

New York /
Nov.November 25, 2009 10:03 AM

Stuyvesant Town and Peter Cooper Village residents have received their rent bills for December, but last month’s rent deregulation ruling doesn’t seem to have made a difference in their charges. Lawyers for the complex’s tenants demanded Tuesday that rents for the approximately 4,000 illegally deregulated apartments be modified by January and that an escrow account holding the past eight months’ worth of overcharges be turned over. In April, complex owners Tishman Speyer and BlackRock began putting the difference between market-rate rents and regulated rents into the escrow account. By the year’s close, the account will contain $16 million, or roughly $4,000 per apartment, tenant lawyers said. A statement issued from law firms Wolf Haldenstein Adler Freeman & Herz and Bernstein Liebhard said they may take legal action soon if tenants aren’t given control of the account. “If necessary, plaintiffs’ counsel will be making an application to the court asking it to issue an order to set January 2010 rents, and to turn over to plaintiffs’ counsel the escrow account,” the statement said. [Bloomberg] and


Related Articles

arrow_forward_ios
Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)
After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
Tishman Speyer CEO Rob Speyer (Getty)
Tishman Speyer seeks $250M for second blank-check firm
Tishman Speyer seeks $250M for second blank-check firm
Tishman Speyer CEO  Rob Speyer and The Spiral as seen on January 21, 2021 (Photos via Getty Images; Illustration by Kevin Rebong)
Tishman Speyer’s half-empty Hudson Yards tower tops out
Tishman Speyer’s half-empty Hudson Yards tower tops out
Tishman Speyer CEO Rob Speyer and Latch CEO Luke Schoenfelder (Getty; Latch)
Latch to go public via Tishman Speyer’s SPAC
Latch to go public via Tishman Speyer’s SPAC
From left: President Donald Trump, Blackstone's Jonathan Gray and Tishman Speyer's Rob Speyer (Getty)
Real estate execs, business leaders urge Trump to begin transition
Real estate execs, business leaders urge Trump to begin transition
The skating rink at Rockefeller Center (Getty)
Tishman Speyer cuts short Rock Center rink season — and not due to Covid
Tishman Speyer cuts short Rock Center rink season — and not due to Covid
Maria Rioumine and Ryan Gibson (Agora, iStock)
Tishman Speyer, Suffolk back supply-chain startup
Tishman Speyer, Suffolk back supply-chain startup
Tishman Speyer CEO Rob Speyer, COO Paul Galiano, CIO Jenny Wong (Photos via Getty; iStock; Tishman Speyer)
Tishman Speyer jumps on the SPAC bandwagon
Tishman Speyer jumps on the SPAC bandwagon
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...