The attorney to a group of tenants at Stuyvesant Town and Peter Cooper Village has withdrawn a motion to block the complex’s landlords from raising rents on lease renewals beyond the 2.25 percent and 4.5 percent agreements outlined by the Rent Guidelines Board, following a court order soliciting an outside agency to advise on the legal rent-setting formula for the 110-building residential complex.
The State Division of Housing and Community Renewal, the agency that administers the Rent Stabilization Law, is set to “give the judge an advisory opinion on the proper legal formula by April 1,” according to Alexander Schmidt, a partner with Wolf Haldenstein Adler Freeman & Herz, the firm representing Stuy Town’s tenants in Roberts v. Tishman Speyer Properties.
The plaintiffs reserve the right to renew the motion in the future, according to a statement from their attorney.
Schmidt said the plaintiffs in the suit withdrew the motion yesterday, following a conference between both parties Jan. 7.
“These are orders that were worked out at a conference with the court,” Schmidt explained. “We withdrew the motion because this procedure is designed to protect tenants against having to vacate their apartments and move out if they get a notice for a rent increase they can’t afford.”
Property manager Rose Associates,which told The Real Deal today that hundreds of apartments at Stuy Town would see rent increases averaging $2,100, declined to comment. Calls to CWCapital and Tishman Speyer were not immediately returned. TRD