CityRealty Insider > New Developments in the News

New Developments in the News

OCTOBER 26, 2009

The state's highest court upholds the ruling against Stuy Town landlords and the city gives the historic High Line another boost.

The New York State Court of Appeals ruled Thursday that Tishman Speyer Properties, owners of the Stuyvesant Town/Peter Cooper Village apartment complex, were improperly charging market rents while receiving tax credits from the city, and may have to pay about $200 million in rent overcharges and damages to about 4,000 tenants. The State Supreme Court ruled in March that the landlords of the sprawling downtown complex had improperly raised rents and decontrolled apartments, and the latest decision has upheld that ruling. |

It was announced this week that the city—which has held the title to the elevated rail aqueduct since 2005—will buy the rail yards section of the High Line above 30th Street. This follows the city's more recent support of plans to preserve the line with over $60 million in investments in a new park and other incentives. The city's newest acquisition is expected to ultimately lead to park construction on the High Line's northern end.

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