ALBANY, N.Y. AP – A lawyer for a high-end property management firm told New York’s top court that the company legally ended rent control on middle-class Manhattan apartments in a case that could affect other city buildings and the company’s finances as it pays off the most expensive real estate deal in history.
The arguments before the state Court of Appeals stem from a claim by tenants of Stuyvesant Town and Peter Cooper Village on the East River that Tishman Speyer Properties illegally deregulated their apartments. The tenants claim rents on about 3,000 apartments in the middle-class enclave were hiked significantly to market rates and they want to recoup about $200 million in alleged rent overcharges over four years.
