Stuy Town tenants, owners extend interim rent agreement

New York /
Feb.February 03, 2010 07:25 PM

Tishman Speyer Realty and BlackRock Realty agreed with tenants to permit the Stuyvesant Town and Peter Cooper Village lawsuit to proceed as a class action case, and also extended an interim agreement to lower rents until June, according to a joint statement from lawyers and the landlord.

Under the agreement, tenants will continue to pay, until the end of June, the lower of either their existing rent or estimated rent-stabilized rents. Tenants will also be granted certain rights that exist under the city’s rent stabilization law, including rights to renew leases and family succession.

After missing a $16.1 million interest payment, Tishman Speyer and BlackRock last month agreed to turn the 110-building complex over to creditors in a deed-in-lieu of foreclosure. The companies bought the complex in 2006 for $5.4 billion. Tenants won a landmark lawsuit alleging the landlord illegally deregulated apartments at the complex, which received J-51 tax benefits from the city.

The money deposited into an escrow account in connection with the November and December 2009 rents will be fully reimbursed to tenants, either by reducing the March rent or a refund check to former tenants who moved out after paying November or December rent. The agreement was first reached in December.

The rents for an estimated 4,400 apartments will be calculated by an independent consultant, who has been selected but not formally retained.


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

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
From left: President Donald Trump, Blackstone's Jonathan Gray and Tishman Speyer's Rob Speyer (Getty)

Real estate execs, business leaders urge Trump to begin transition

Real estate execs, business leaders urge Trump to begin transition
The skating rink at Rockefeller Center (Getty)

Tishman Speyer cuts short Rock Center rink season — and not due to Covid

Tishman Speyer cuts short Rock Center rink season — and not due to Covid
Maria Rioumine and Ryan Gibson (Agora, iStock)

Tishman Speyer, Suffolk back supply-chain startup

Tishman Speyer, Suffolk back supply-chain startup
Tishman Speyer CEO Rob Speyer, COO Paul Galiano, CIO Jenny Wong (Photos via Getty; iStock; Tishman Speyer)

Tishman Speyer jumps on the SPAC bandwagon

Tishman Speyer jumps on the SPAC bandwagon
Stuyvesant Town (Getty)

Layoffs at Blackstone’s Stuy Town management firm

Layoffs at Blackstone’s Stuy Town management firm
From left: Tishman Speyer CEO Rob Speyer, Fiorello LaGuardia and Robert Moses. Inset: Hiten Samtani and Charles Bagli (Getty Images, Wikipedia Commons)

Tuna fish sandwiches and billion-dollar deals: Charles Bagli on other people’s money and the next life of New York

Tuna fish sandwiches and billion-dollar deals: Charles Bagli on other people’s money and the next life of New York
6201 15th Avenue in Bensonhurst and 185 Claremont Avenue with BlackRock CEO Larry Fink (Google Maps; Fink by Eugene Gologursky/Getty Images for IRC)

Pandemic-proof, $29.5M deal for Brooklyn office building closes

Pandemic-proof, $29.5M deal for Brooklyn office building closes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...