Court hands Stuyvesant Town owners huge defeat

The Court of Appeals dealt a financial blow this morning to the already beleaguered owners of the sprawling Stuyvesant Town and Peter Cooper Village complexes in Manhattan when it ruled that they improperly began charging market rents on thousands of apartments, the New York Times reports.

The ruling by the state’s highest court may mean that the current owner, a partnership of Tishman Speyer Properties and BlackRock Realty, and the former owner, Metropolitan Life, may have to pay an estimated $200 million in rent overcharges and damages to tenants of some 4,000 apartments.

The court, in a majority ruling (two of the six judges dissented), said the owners improperly raised rents beyond certain set levels at the complexes while receiving tax breaks from the city for major renovations.

The decision could also affect landlords of as many as 80,000 apartments across the city who also may have improperly raised rents and deregulated apartments while receiving special tax breaks.

Tishman Speyer Properties and BlackRock, which purchased the properties in 2006 for a record-breaking $5.4 billion, are already under enormous financial pressure. The partnership is running out of cash to pay building loans and could default within the next several months.

Subscribe by Email

Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

Malcolm@ServiceYouCanTrust.com
http://www.ServiceYouCanTrust.com

He agrees to an incredible shrinking price

Eddie Murphys nice little place in New Jersey

Eddie Murphy's nice little place in New Jersey

Nearly five years after his seven-bedroom Englewood, N.J., mansion went on the market for $30 million, Eddie Murphy has cut the asking price by $15 million, reports the New York Daily News.

Celebrity comings and goings such as his are recorded in my free bi-weekly e-newsletter, which I write every two weeks.  The next issue is tomorrow around noon.

Known as Bubble Hill (with uncommon prescience), Murphy’s 25,000-sf dwelling, on a five-acre estate, comes complete with a bowling alley, theater and recording studio.  Among its 32 rooms are a full-size racquetball court, indoor pool, elevator and a carriage house with gym.  Annual taxes are $197,723.

When the property first hit the market in 2004, it became the most expensive single-family home in the Garden State.

And, oh, if you’d like to make an offer, do call me.  Morning, noon or the middle of the night.

Subscribe by Email

Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

Malcolm@ServiceYouCanTrust.com
http://www.ServiceYouCanTrust.com