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.”