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.


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