Tenants in Manhattan’s Stuyvesant Town (inset, left) and Peter Cooper Village rent regulated apartments (inset, right) won a legal victory today from New York’s Court of Appeals, the state’s highest court.
Upholding a 2007 appellate court ruling that landlords who receive a special J-51 tax abatement forfeit the right to further remove apartments from rent regulation by luxury decontrol proceedings, the Court of Appeals declined to give apartment owners a legal ’twofer.’
Tishman Speyer Properties, PCV ST Owner LP, and Metropolitan Life Insurance could not get both 1) tax exemptions and/or phased tax abatements, and 2) try to remove rental apartments from rent regulation entirely for either high-income renters whose rent was at least $2,000 a month, or vacant apartments that rented for at least $2,000 a month.
- Court Deals Blow to Owners of Huge Apartment Complex, The New York Times (Oct. 22, 2009)
- Alexander Schmidt, the tenants’ lawyer
- Jay Kasner, lawyer for Tishman Spyer Properties
- Alan Mansfield, lawyer for Metropolitan Life Insurance
- Tenants’ Rights, FindLaw
- Landlord’s Rights, FindLaw
- New York City Loft Law, Soho-Lofts.com
- Council Votes to Extend City’s Rent Stabilization Laws, The New York City Council (Mar. 11, 2009)
Photo credits: rpa2101 / Flickr, and archidose / Flickr
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