Stuy Town Rent Win

Thousands of formerly rent-stabilized apartments at Stuyvesant Town now being rented at market rate should be reregulated, a state appeals court ruled yesterday.

The decision, which restores a suit by tenants that had been dismissed, could roll back the rents on about 3,000 apartments at Peter Cooper Village/Stuyvesant Town that had been leased at market rate.

The state’s rent-stabilization law allows building owners to deregulate apartments rented for more than $2,000 a month by tenants who make more than $175,000 a year for two consecutive years.

But the judges ruled that threshold should not apply to Stuyvesant Town because Tishman Speyer, which now owns the complex, received a tax break for having affordable housing. Tishman vowed to appeal.

Manhattan City Councilman Dan Garodnick called the ruling “a landmark victory.”

Source

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