CityRealty Insider > New Developments in the News

New Developments in the News

OCTOBER 26, 2009

The state's highest court upholds the ruling against Stuy Town landlords and the city gives the historic High Line another boost.

The New York State Court of Appeals ruled Thursday that Tishman Speyer Properties, owners of the Stuyvesant Town/Peter Cooper Village apartment complex, were improperly charging market rents while receiving tax credits from the city, and may have to pay about $200 million in rent overcharges and damages to about 4,000 tenants. The State Supreme Court ruled in March that the landlords of the sprawling downtown complex had improperly raised rents and decontrolled apartments, and the latest decision has upheld that ruling. |

It was announced this week that the city—which has held the title to the elevated rail aqueduct since 2005—will buy the rail yards section of the High Line above 30th Street. This follows the city's more recent support of plans to preserve the line with over $60 million in investments in a new park and other incentives. The city's newest acquisition is expected to ultimately lead to park construction on the High Line's northern end.

ALSO IN NEW YORK CITY INSIDER

© 2024 CityRealty.com, LLC Powered by Leadkit Terms of Use Privacy Policy Site Map

RLS IDX Data display by CityRealty.com, LLC. This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2024 The Real Estate Board of New York, Inc., All rights reserved. IDX information is provided exclusively for consumers’ personal, non-commercial use and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer and for no listing shall the number of bedrooms listed be considered a legal conclusion.

All closed sales data has been provided by the New York City Department of Finance via the Automated City Register Information System (ACRIS). No warranty or representation is made as to the accuracy of any data provided by ACRIS or any other sources.

CityRealty is committed to ensuring digital accessibility for individuals with disabilities. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. If you wish to report an issue or seek an accommodation, please contact us at accessibility@cityrealty.com.

An equal housing opportunity

{"1":[40.775,-73.94,"East Side","_es"],"2":[40.79,-73.99,"West Side","_ws"],"11":[40.76,-73.98,"Midtown","_m"],"3":[40.736,-73.99,"Downtown","_d"],"13":[40.711309,-74.01,"Financial
District\/BPC","_fd"],"4":[40.682676,-73.973007,"Brooklyn","_b"],"12":[40.8444,-73.9376,"Upper Manhattan","_um"],"5":[40.7477089,-73.930411,"LIC \/ Queens","_qns"],"18":[40.8889782,-73.9025,"The Bronx","_bx"]}