Interim agreement on Stuy Town rents

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

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