After almost 18 months of negotiations, tenants of Stuyvesant Town and Peter Cooper Village have reached a $69 million settlement in their rent overcharge action against the current and past owners of the apartment complexes, bringing their total recovery including previous agreements up to $147 million. The settlement received preliminary approval from Manhattan Supreme Court Justice Richard Lowe III (See Profile) on Nov. 29, according to a press release from Wolf Haldenstein Adler Freeman & Herz and Bernstein Liebhard, the firms representing the plaintiffs. A hearing on final approval is set for April 13.
Metropolitan Tower Life Insurance Co., which owned the complex until 2006, will contribute $10.5 million, and its current owners, a pair of holding companies controlled by Tishman Speyer Properties LP, will contribute $58.25 million. The rest of the recovery comes from a 2009 interim agreement with Tishman Speyer. The tenants will likely save $10 million to $20 million in future rent as a result of settlement as well, according to the press release.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]