In its Oct. 22, 2009 decision in Roberts v. Tishman Speyer Properties, L.P., the New York State Court of Appeals, by a 4-2 margin, ruled that due to receipt of J-51 tax benefits, the owners of the Stuyvesant Town (“ST”) and Peter Cooper Village (“PCV”) housing complexes in Manhattan impermissibly decontrolled apartments under the luxury deregulation provisions of the Rent Stabilization Law (“RSL”).
The decision has sent shock waves throughout New York City’s real estate and financial communities. The primary questions generated by the decision are: what did the Court do, and what does it mean? The answer to the first question is set forth below. The answer to the second question is anyone’s guess.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
