Stuy Town to open up vacant units to new tenants

TRD New York /
Dec.December 31, 2009 12:26 PM

Stuyvesant Town could see dozens of new tenants in the new year, according to a statement released today from a spokesperson from Tishman Speyer. About 100 vacant apartments at the residential rental complex will be available for rent beginning Jan. 4 and will be assigned to current rent-stabilized tenants as well as those who have sat on the development’s waiting list. These new tenants will have similar contracts to those who already live in rent-stabilized units, according to the written statement. “As is the case with current residents, each new resident will be afforded the rights of automatic lease renewal and succession rights available to rent-stabilized tenants,” the statement read. The move comes after a New York State Court of Appeals ruled in October that Tishman Speyer did not have the right to deregulate rent-stabilized apartments in Stuyvesant Town and Peter Cooper Village. The management company has seen its reserve fund dwindle in recent months and in our August issue, The Real Deal named Tishman’s purchase of the housing development one of the worst deals made since the credit crunch.TRD

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