Stuy Town Tenants to Finally Get Their Rent Back

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Photo: Mario Tama/Getty Images

Each of 21,250 current and former tenants of Stuyvesant Town and Peter Cooper Village who leased non-rent-regulated apartments between 2003 and 2011 stand to get checks averaging $3,250 in a settlement announced on Thursday. Six years after they sued Tishman Speyer Properties, L.P. for converting rent-regulated apartments into market-rate apartments, and three years after an appellate court ruled in their favor, the total settlement comes to nearly $147 million. Of that, $68.75 million goes to reimburse tenants, and current owner CW Capital waives its right to collect another $78.1 million. Stuy-Town and Peter Cooper Village will be a harmonious urban paradise once more.