By Kim Velsey 11/29/12 6:30pm

Housing Developments

Overcharged.

Stuyvesant Town Tenants Settle Rent Degregulation Lawsuit, Winning $68.7 M.

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. Read More

By Eliot Brown 1/12/10 10:33pm

Stuy Town: What’s Next?

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

By Reid Pillifant 1/08/10 4:51pm

Stuy Is Falling

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. No Read More

By Lysandra Ohrstrom 4/28/08 5:37pm

Hoe-Down! Stuy Town Tenants Square Dance for Change

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