An interim agreement has been reached between tenants at the Stuyvesant Town/Peter Cooper Village residential complexes east of First Avenue between 14th and 23rd Streets and the owners of the complex, a partnership headed by Tishman Speyer Properties and BlackRock Realty.
The agreement stipulates that for next January and February "the monthly rent for each residential tenant holding (or awaiting renewal of) a market rate lease...shall be equal to the lesser of...the stabilized rent for that apartment estimated in good faith for the purposes of the Escrow Account pursuant to the order of the Appellate Division, First Department dated March 13, 2009...and...the previously negotiated lease rent for the apartment."
The order will be extended to June 15, 2010 and tenants who renew or enter into new leases while the stay implemented by this order remains in effect, a rent increase equal to the percentage increase approved by the Rent Guidelines board Order shall be allowed.
Furthermore, each current affected tenant and each future tenant of a currently vacant apartment, or an apartment which becomes vacant while this Order is in effect, shall be treated as an rent stabilized tenant insofar as such tenant will enjoy the rights of renewal and succession afford to rent stabilized tenants under the Rent Stabilization Law, and shall not be evicted provided each tenant complies with the terms and conditions of such tenant's use and all applicable laws and regulations and pays the Interim Rent when due.
In October the New York State Court of Appeals ruled that the owners of the complexes had made illegal rent increases in buildings with J-51 tax abatements.
The agreement is contingent upon consent of CW Capital, the special servicer acting on behalf of the property's senior leanders, according to a statement from Tishman Speyer and the residents' attorneys, according to a report today at therealdeal.com.
The agreement stipulates that for next January and February "the monthly rent for each residential tenant holding (or awaiting renewal of) a market rate lease...shall be equal to the lesser of...the stabilized rent for that apartment estimated in good faith for the purposes of the Escrow Account pursuant to the order of the Appellate Division, First Department dated March 13, 2009...and...the previously negotiated lease rent for the apartment."
The order will be extended to June 15, 2010 and tenants who renew or enter into new leases while the stay implemented by this order remains in effect, a rent increase equal to the percentage increase approved by the Rent Guidelines board Order shall be allowed.
Furthermore, each current affected tenant and each future tenant of a currently vacant apartment, or an apartment which becomes vacant while this Order is in effect, shall be treated as an rent stabilized tenant insofar as such tenant will enjoy the rights of renewal and succession afford to rent stabilized tenants under the Rent Stabilization Law, and shall not be evicted provided each tenant complies with the terms and conditions of such tenant's use and all applicable laws and regulations and pays the Interim Rent when due.
In October the New York State Court of Appeals ruled that the owners of the complexes had made illegal rent increases in buildings with J-51 tax abatements.
The agreement is contingent upon consent of CW Capital, the special servicer acting on behalf of the property's senior leanders, according to a statement from Tishman Speyer and the residents' attorneys, according to a report today at therealdeal.com.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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