On Sunday, March 8, Senator Duane joined New York City Councilmember Dan Garodnick, Manhattan Borough President Scott Stringer, Congressmember Carolyn Maloney, Assemblymember Brian Kavanagh, the Stuyvesant Town-Peter Cooper Village Tenant Association and the residents of the complex to celebrate a landmark victory for rent stabilized tenants.
In its unanimous decision issued on Thursday, March 5, the New York Supreme Court Appellate Division ruled that Tishman Speyer and the previous owner of the complex, Met Life, improperly deregulated apartments while receiving City of New York J-51 tax benefits, which encourage the renovation of residential properties. The decision noted, “The law is clear that owners receiving J-51 tax abatements, in exchange for receiving this great benefit from the City of New York, must confer rent stabilization status to their tenants while receiving the tax abatement.” As a result, this monumental legal victory affects not only Stuyvesant Town and Peter Cooper Village but also hundreds of other apartment buildings and developments that receive City tax abatements. Senator Duane will continue to monitor this case since Tishman Speyer has announced its intention to appeal, and he encourages constituents who have questions about how this decision might affect them to contact Romeo Ymalay in my office at 212-633-8052.
