An article today at therealdeal.com by Amy Tennery said that "Rents on nearly 600 vacant units at Stuyvesant Town and Peter Cooper Village are set to climb an average of $2,100 or more in the coming months, according to property manager Rose Associates, following the completion of an average renovation of $84,210 for each unit."

"The project, set to cost roughly $48 million, according to special servicer CWCapital, which took control of the property early last year, includes the renovation of the 570 apartments in a similarly modern style to former owner Tishman Speyer, which renovated many of the units when it bought the 110-building complex for $5.4 billion in 2006, according to Robert Scaglion, a senior managing director with Rose Associates," the article said.

he said that "despite the increases, which would bring rents roughly up to the market value of similar apartments, the units will remain rent-stabilized," adding that many of the units have rents of $900 a month, "which would mean those rents would go up to roughly $3,000 a month."

Rents, he continued, will reflect a vacancy allowance and one-fortieth the cost of the renovation, standard practice for rent-stabilized apartments. "If you could renovate it and get it up to$4,000 - well, I don't think the market is going to pay [that for a one-bedroom in Stuy Town," he added.

The article said that Mr. Scaglion said there is currently no plan to convert units off rent stabilization or to convert it to a co-op.

He said that as many as 800 apartments at the11,227-unit complex, which spans from First Avenue to Avenue C and from 14th to 23rd streets, could be renovated by the end of the year.