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New Developments in the News

APRIL 13, 2009

Listings Megasite Streeteasy.com Shares Insights; Stuy Town Owners Appeal Rent Reg Ruling

According to a report by Streeteasy.com, the number of Manhattan apartments sale closings decreased by 47.1 percent in the first quarter of 2009, but the average price, according to the same study, increased by 0.7% in the last quarter, though it had decreased by 12.1% since last year. Other findings by the property search giant: Chelsea and Midtown East were tied for the most closings, and top building name searches were the Chelsea Stratus at 101 West 24th Street, 20 Pine Street, the Park Millennium , 200 West End Avenue and 25 Central Park West.

The New York State Supreme Court gave permission this week to the owners of sprawling residential complex Stuyvesant Town/Peter Cooper Village to appeal its March 5 ruling, which found that they had wrongfully deregulated rents while receiving tax breaks from the city. The court decision was in a case brought in 2007 by tenants against new owners Tishman Speyer Properties which alleged that rent regs had been improperly axed. Last month's ruling had been unanimous–meaning it couldn't normally be appealed unless the the court granted permission as it did in this case.

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