Interim agreement on Stuy Town rents

TRD New York /
Dec.December 14, 2009 11:46 AM

The owners of Stuyvesant Town and Peter Cooper Village reached an interim agreement today on rents with plaintiffs who won a New York State Court of Appeals ruling in October over illegal rent increases in apartment buildings with J-51 tax abatements.

The agreement, in the form of an order issued
by State Supreme Court Justice Richard Lowe (see document below), was approved this morning,
a spokesperson for the Stuy Town owners said in an e-mail.
It would also convert the lawsuit filed by a limited number of parties to a class action lawsuit, broadly covering Stuy Town.

The East Side complex’s owners, Tishman Speyer Properties and BlackRock Realty, negotiated an adjustment to rents in each apartment in the lawsuit to a rent-stabilized level, a statement said. The residents would also be covered by certain rights under rent stabilization laws, including succession and renewal rights.

“In addition, Tishman Speyer and BlackRock have reached agreement with counsel for the plaintiffs on a more inclusive, six-month agreement covering a wider range of unresolved issues beyond those addressed in the interim agreement. The six-month agreement, which is intended to achieve an expedited resolution of the plaintiffs’ case, is contingent upon consent by CW Capital, the special servicer acting on behalf of the property’s senior lenders,” a statement by Tishman Speyer and attorneys for the residents said. TRDCourt Order 12-14-09 Roberts v Tishman Speyer

Related Articles

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

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

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

Blackstone “warehousing” rent-stabilized apartments at Stuy Town