Stuy Town tenant lawyer blasts Deutsche Bank report on ruling

December 04, 2009 12:59PM

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]

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