New Developments in the News
SEPTEMBER 14, 2009
Stuy Town developers attempt to overturn wrongful rent ruling; Nouvel skyscraper loses a few feet
Tishman Speyer Properties and BlackRock Realty, owners of the embattled Stuyvesant Town complex, may have to pay market rate tenants hundreds of millions of dollars in rent rebates if a lower court decision—which held that rents were wrongfully increased—stands against the developers' appeal.
The city planning commission has determined that the Jean Nouvel-designed skyscraper planned for just west of the Museum of Modern Art needs to lose a few feet off the top. The city's planning commissioner has maintained that the tower's peaks "did not meet aesthetic standards" for a building whose height will put it in the company of the city's most famous towers.
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