Stuyvesant Town–Peter Cooper Village residents head to court to stop deregulation of hundreds of apts

Billie Rama
March 05, 2020 - 8:10 pm
Stuyvesant Town, Peter Cooper Village

(Photo by Mario Tama/Getty Images)

Categories: 

NEW YORK (1010 WINS) -- Residents of Stuyvesant Town, Peter Cooper Village are heading to court in a bid to stop the deregulation of hundreds apartments.

State Sen. Brad Hoylman says tenants would be hit with a rent increase this July.

Under a deal between the city and the Blackstone Group which bought the complex for $5.3 billion in 2015, 1,400 apartments would be allowed to pass out of rental and income restrictions starting this summer when the developer could up rents by five percent.

Those apartments currently have a 1.5 percent rent hike cap.

This is the first tenant-led legal effort to validate New York's new rent laws. More than 6,200 apartments are at issue.

A Blackstone rep tells "The Real Deal," they're confident a court will reaffirm terms of a deal.