CityRealty Insider > New Developments in the News

New Developments in the News

MARCH 9, 2009

The courts decide in residents' favor in Stuy Town rent battle, the city plans to ban cars to create pedestrian malls in midtown, and living space was at a premium last year

It's a David-and-Goliath story of sorts: Some residents of the apartment complexes at Stuyvesant Town/Peter Cooper Village have succeeded in the fight to secure the rents on their homes. In a case brought in 2007 by tenants against owners Tishman Speyer—alleging that their rents had been improperly deregulated–the Appellate Division of the New York Supreme Court unanimously ruled that 300 buildings receiving J-51 tax benefits could not be deregulated.

In an attempt to unstick some of its snarliest intersections, the New York City Department of Transportation is planning to close portions of Broadway to car traffic at Times and Herald squares. Part of a program called "Green Light for Midtown," the plan–which will go into effect on Memorial Day weekend–will ban autos for a few southbound blocks on Broadway to create pedestrian malls.

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