Stuy Town tenant lawyer blasts Deutsche Bank report on ruling

TRD New York /
Dec.December 04, 2009 12:59 PM

Alex Schmidt, the tenant lawyer largely responsible for October’s court ruling against rent deregulation at the Stuyvesant Town and Peter Cooper Village complex, is speaking out against a Deutsche Bank post-mortem report that forecasts a significant adverse impact on the city’s multi-family real estate market. The report, released earlier this week, says hundreds of New York City landlords who took advantage of the J-51 tax abatement program for their rent-stabilized properties, as Stuy Town’s Tishman Speyer did, will likely face similar, costly legal battles of their own. Moreover, it continues, beyond the potential for millions of dollars of losses from rent overcharges, property owners could see reduced interest from investors. Schmidt contends that the report is based on “inaccurate assumptions” and that losses on properties like Stuy Town, which will be “a fraction” of what the report predicts, are more a function of the economy than of the ruling. [Post]


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

50 Rockefeller Plaza and Katten's Chris DiAngelo (Credit: Google and Katten)

Katten law firm moving to Rockefeller Center

From left: Jonathan Gray and Steve Schwarzman with Stuyvesant Town

Behind Blackstone’s “capital strike”

Clockwise from the top left: Jackson Park at 28-40 Jackson Avenue, 240 Willoughby Street in Fort Greene, 664 Pacific Street in Brooklyn, and 247 Metropolitan Avenue in Williamsburg (Credit: StreetEasy, Google Maps, Pacific Park Brooklyn, The Pod Hotel)

These were the top 10 outer-borough loans last month

October Issue is Live

The Real Deal‘s October issue is now available to subscribers!

Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

Jerry Rotonda (Credit: LinkedIn)

Former Deutsche Bank exec has defaulted on $3M loan, lawsuit says

Blackstone CEO Stephen Schwarzman and Stuyvesant Town (Credit: Getty Images)

Authorities will conduct review of Stuy Town deal in light of Blackstone’s vacancy strategy

arrow_forward_ios