Streams

Rent Set to Reduce at Stuy Town Complex

Tuesday, December 15, 2009

The owner's of Stuyvesant Town and Peter Cooper Village on Manhattan's East Side have agreed to lower rents on more than 4,000 apartments in January and February. And possibly longer if a representative for the owner's lender signs off on the agreement.

Last month the state's highest court ruled owner Tishman Speyer should not have been charging market rate rents, while receiving a city tax credit.

Lawyers for tenants call the rent decrease progress towards a settlement, but several significant issues remain unresolved, such as what will happen to $16-million in overpaid rent being held in an escrow account. Tenants still haven't been able to touch the money. Also unclear, is how far back landlords will be held responsible for rent overpayments.

Tags:

More in:

News, weather, Radiolab, Brian Lehrer and more.
Get the best of WNYC in your inbox, every morning.

Leave a Comment

Register for your own account so you can vote on comments, save your favorites, and more. Learn more.
Please stay on topic, be civil, and be brief.
Email addresses are never displayed, but they are required to confirm your comments. Names are displayed with all comments. We reserve the right to edit any comments posted on this site. Please read the Comment Guidelines before posting. By leaving a comment, you agree to New York Public Radio's Privacy Policy and Terms Of Use.

Sponsored

Latest Newscast

 

 

Support

WNYC is supported by the Charles H. Revson Foundation: Because a great city needs an informed and engaged public

Feeds

Supported by