The tenants of Stuyvesant Town and Peter Cooper Village have finally settled their class action suit, winning $68.7 million in damages that will be awarded to tenants who were overcharged on their rent between January 2003 and December 2011 as a result of illegal rent deregulation.
The settlement means an end to the lengthy Roberts v. Tishman Speyer legal battle. Tishman Speyer defaulted on its loans in 2010 and the property is now owned by CW Capital Asset Management LLC. The damages, to be paid by CWCapital (on behalf of the
bondholders’ trust) and former owner MetLife Inc, will be divided among 21,250 tenants in 4,300 units.
As many as one in four parking placards currently used by motorists in New York City are fake, according to a new study by transportation advocates, and city lawmakers are latching onto the report to push for tougher enforcements.
Currently, there are 78,000 valid parking placards distributed by various authorities in the city. The president Read More
CWCapital, which will soon control Stuy Town, pens a letter to Garodnick. Read More
There’s now a common bond between Stuyvesant Town-Peter Cooper Village and a sea of new homes in the Las Vegas suburbs: mortgage default.
Last week, the giant real estate firm Tishman Speyer and its investors missed the full monthly debt payment on their $3 billion mortgage, triggering default and a new era Read More
Tishman Speyer won’t make its $16 million mortgage payment on Stuyvesant Town and Peter Cooper Village today, plunging the 11,227-apartment building into default.
The owners are still trying to restructure about $3 billion in debt, which must be galling, since current estimates put the value of the building at about $1.9 billion. Read More
It didn’t take long for elected officials to declare victory Thursday. Press releases went out all morning, and then five hours after the Court of Appeals dropped its far-reaching court decision on Stuyvesant Town, a pack of local electeds assembled on the northeast corner of First Avenue and 16th Street to hold a press Read More
Tishman Speyer, owner of Stuyvesant Town and Peter Cooper Village, is systematically inspecting each of the more than 11,000 apartments in the complex, according to residents.
The stated purpose of the inspections is to ensure temporary walls comply with building and fire safety codes, an issue the Fire Department has previously raised with Read More
The Bloomberg administration has done an about-face on its plan to send the redevelopment of the former Bellevue Psychiatric Hospital though the city’s standard (and intensive) public review process, known among real estate wonks as ULURP (Uniform Land Use Review Procedure)—a move that has at least one project opponent fuming.
“This Read More
On Tuesday afternoon, City Councilman Dan Garodnick called on Stuyvesant Town and Peter Cooper Village landlord Tishman Speyer to pay the legal fees of tenants who are proven to be legitimately occupying rent-stabilized apartments in the complex after contesting non-lease renewal notices from the landlord.
Under the proposal, which was endorsed by Manhattan Read More
New York City Councilman and Peter Cooper Village resident Dan Garodnick helped Stuy Town (square) dance its way toward landmark designation on Saturday night, as tenants of the 110-building, World War II-era housing complex officially (re)launched their landmarks campaign.
We stopped by the party after 6 before any real dancing had begun, but the Read More