Owners of Stuyvestant Town, the NYC residential mega-complex, just took a gut-shot from a judge who said they were unfairly charging market rents unfairly charging market rents while taking a tax break for renovations.
That’s right. In this city, where rent control and rent stabilisation are crucial to the housing code, landlords are always getting in trouble for improperly charging market rates.
This is horrible for current owners (a partnership of Tishman Speyer and BlackRock Realty), who are already though to have just a few months to live before a gigantic commercial real estate default. They now have to pay back tenants that were improperly charged market rents, and of course it means lower cash flows going forward.
Anyway, this news might tempt you to move to Stuy-Town, since your landlords have been chastened by the court.