Stuy Town Opens to the Masses Again

first ave Stuy Town Opens to the Masses AgainClosed to new tenants since October in the wake of a mega court decision on rents, Stuyvesant Town is now opening its flood gates.

Per a statement from a Tishman Speyer spokeswoman, the 11,200-apartment mini-city on the East Side will now rent 100 apartments to outsiders looking to get in. Thanks to the court decision, which found that the owners were not allowed to take apartments out of the rent stabilization program, these rents will be at a recalculated rate following the court decision, some below market rates. (Though the folks at Curbed have found that the rent discounts aren’t always all that giant.)

Here’s Tishman Speyer’s statement in full, which says that the renters will come in on a first-come first-serve basis:

 “As of January 4, 2010, we will begin leasing approximately 100 vacant apartments to those who contacted us to be placed on a waiting list following the Court of Appeals decision in the J-51 case.  A small number of apartments, with interim rents substantially below market, are being offered to current rent stabilized residents of the community, with the remaining apartments being offered to all others on the waiting list.  We are contacting those who joined the waiting list first and will move down the list in chronological order until each available unit is leased. 

“The interim rents on these apartments have been determined using the same formula that was used to determine interim rents for existing tenants pursuant to our recent agreement with the tenant plaintiff’s counsel.  As is the case with current residents, each new resident will be afforded the rights of automatic lease renewal and succession rights available to rent stabilized tenants, during the term of the interim agreement and any extension of it.”

ebrown@observer.com