After Hurricane Sandy, rent-stabilized tenants living in damaged buildings with diminished services were told—and believed—that they would be able to get rent reductions for the entire time they were without services.
The Rent Stabilization Code stipulates that reductions are given from the time the service is lost. But, as rent-stabilized residents at Peter Cooper Village and Stuyvesant Town have discovered, they might only be eligible for reductions starting in March—a four-month discrepancy that could be worth thousands of dollars per tenant.
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.
There’s never a shortage of stories about negligent apartment managers and landlords, and the overlords at Stuyvesant Town and Peter Cooper Village have proved that they are not the exception. As charming as this 25,000-resident complex in the East Village seems with its brick exteriors and tree-lined paths, everything is not peachy-keen.
Two investors vying to purchase Stuyvesant Town have released a proposal that’s sure to give the powerful tenants’ association pause.
Bill Ackman and partner ”have proposed a partnership with the 25,000 tenants there that would create an affordable housing co-op and allow the investors to reap a profit,” reports The New York Times.
The tenants’ Read More
Looks like things have gotten so bad in the fight between Stuyvesant Town creditors CW Capital and Pershing Square/Winthrop Realty Trust (PSW), that they’re now fighting over punctuation.
From the latest brief in the ongoing fight, filed yesterday by CW Capital:
Without any explanation, PSW injects the doctrine of last antecedent to convince this Read More
The holders of the first mortgage at Stuyvesant Town do not appear to be impressed by Bill Ackman and Winthrop Realty Trust’s play to take control of the 11,200-apartment mini-city.
The special servicer on the loan, CW Capital, has taken court action against Winthrop and Mr. Ackman, the activist investor and hedge fund manager, Read More
World's Biggest Property Flop
In mid-July, Bill Ackman was relaxing on Nantucket when he got a call on his cell phone. On the other end was Michael Ashner, the CEO of Boston-based Winthrop Realty Trust, who had a plan to grab control of the 11,200-apartment property that occupies a healthy 80-acre chunk of Manhattan’s East Side.
Four months after they started the process, the mortgage holders at Stuyvesant Town have received a judgement that permits foreclosure on the 11,200-apartment property.
The judge overseeing the $3 billion foreclosure in federal district court, Alvin Hellerstein, granted the motion to foreclose yesterday.
From Mr. Hellerstein’s ruling:
In their unopposed motion for summary judgment, Plaintiffs have Read More
Al Doyle wants to be a homeowner.
Six months ago, the idea was a far-off concept. But since then, the mustachioed, lifelong Stuyvesant Town resident who is president of the property’s tenants association has seen the desire for a tenant-led purchase of the 11,200-apartment morph into an actual plan of action, as Read More
In 2006, just as the real estate market was nearing its sharp crest, California came marching into New York City.
In deal after deal, the Golden State’s two main pension funds—the California Public Employees’ Retirement System and the California State Teachers’ Retirement System, which collectively manage a mammoth $330 billion on behalf of teachers and Read More