According to an article by Charles V. Bagli in today's edition of The New York Times, Tishman Speyer Properties expects to convert about 57 percent of the rent-stabilized apartments at the Stuyvesant Town and Peter Cooper Village apartment complexes near the East River to market-rate units by January 2011.
The article noted that since December 2006, when Tishman Speyer acquired the apartment complexes for $5.4 billion, it has denied renewal for 799 rent-stabilized leases and 239 tenants gave up their apartments and 221 cases have not been resolved yet.
The average monthly rent in 2006 in Stuyvesant Town, according to the article, was $1,241 for rent-stabilized units and $2,767 for market-rate units.
The leases renewals were denied on the grounds that the apartments were not primary residences as required under the state's Rent Stabilization laws. Those laws also permit landlords to "deregulate" stabilized leases to market-rate if the tenant's rent exceeds $2,000 a month and has had income of more than $175,000 for two years.
The two complexes contain more than 11,200 apartments in 110 red-brick buildings between 14th and 23rd Streets east of First Avenue. There were 8,037 rent-stabilized apartments when Tishman Speyer acquired the properties and there are now 7,297, the article maintained.
City Council Daniel R. Garodnick has asked Tishman Speyer, according to the article, for a moratorium in primary residence cases until December declaring that "we're talking about tenants who have been in the community for 40 to 50 years in some cases who are being asked questions about their legitimacy."
The article noted that since December 2006, when Tishman Speyer acquired the apartment complexes for $5.4 billion, it has denied renewal for 799 rent-stabilized leases and 239 tenants gave up their apartments and 221 cases have not been resolved yet.
The average monthly rent in 2006 in Stuyvesant Town, according to the article, was $1,241 for rent-stabilized units and $2,767 for market-rate units.
The leases renewals were denied on the grounds that the apartments were not primary residences as required under the state's Rent Stabilization laws. Those laws also permit landlords to "deregulate" stabilized leases to market-rate if the tenant's rent exceeds $2,000 a month and has had income of more than $175,000 for two years.
The two complexes contain more than 11,200 apartments in 110 red-brick buildings between 14th and 23rd Streets east of First Avenue. There were 8,037 rent-stabilized apartments when Tishman Speyer acquired the properties and there are now 7,297, the article maintained.
City Council Daniel R. Garodnick has asked Tishman Speyer, according to the article, for a moratorium in primary residence cases until December declaring that "we're talking about tenants who have been in the community for 40 to 50 years in some cases who are being asked questions about their legitimacy."
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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