Tishman extends Stuy Town interim rent agreement

TRD New York /
Jun.June 10, 2010 12:30 PM

Stuyvesant Town and Peter Cooper Village

Tishman Speyer’s interim rent-adjustment agreement with tenants at Stuyvesant Town and Peter Cooper Village has been extended through December 2010, the company announced today.

According to a statement, tenants affected by last year’s landmark Court of Appeals decision will continue to pay the lower of either their existing rent or their estimated rent-stabilized rent and will be granted certain rights under the city’s rent stabilization law, including the rights to renew leases and family succession. The court ruled last year that thousands of apartments at the complex had been illegally deregulated because Tishman had been simultaneously receiving J-51 tax benefits from the city.

“An independent consultant, retained in March, will continue with a unit-by-unit historical rent analysis over the next two to three months, and the parties expect that the matter will be resolved through good faith negotiations before the end of this year,” Tishman said in a statement.

Tishman and BlackRock Realty have been trying to turn over the complex to creditors since defaulting on a $3 billion mortgage in January. TRD

 

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