When nine tenants of Stuyvesant Town and Peter Cooper Village filed a lawsuit against their landlord claiming they were improperly converting rent-stabilised properties, the owners warned there would be “dire financial consequences” if the court sided with the plaintiffs.
Now, 24 hours after New York’s highest court found that Tishman Speyer and BlackRock Realty Advisors, and the residential complex’s previous owner MetLife, had actually been wrongly converting rent-stabilised properties into luxury, market-rate apartments while at the same time receiving certain city tax credits, the implications of the ruling are expected to be immense.
