Realty Capital Advisors
In a 4-to-2 decision in October 2002, New York's Court of Appeals, the state's highest court, ruled against the developers that bought Stuyvesant Town and Peter Cooper Village, two enormous housing complexes in New York City. According to the court, Tishman Speyer Properties and BlackRock Realty, the complex's owners, raised previously stabilized rents too fast and will now have to pay several hundred million dollars in back-rent to their tenants. According to The New York Times, the ruling may have a significant impact on rent regulation and the fiscal stability of both landlords and larger real estate corporations,
Stuyvesant Town History
The case against the owners of Stuyvesant Town and Peter Cooper Village was initially brought by nine tenants. In a partnership between New York City and the Metropolitan Life Insurance Company (acting as owner/developer), the community was commissioned in 1943 as part of a series of urban renewal housing projects across the city. In mind were the GIs and veterans who would soon be returning from the WWII European theater, who were given the initial allocation of rent stabilized apartments. Today, Stuyvesant Town and Peter Cooper Village is a sprawling collection of 56 buildings on Manhattan's Lower East Side that house some 25,000 New Yorkers.
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