Inspired by the brave men and women of Stuy Town, some of the tenants at Chelsea's London Terrace Gardens have begun fighting their own deregulation battle. They're suing their landlord with the argument that the buildings' owners raised rents while receiving tax breaks for renovations. The 11 tenants claim that up to 300 apartments in the complex were illegally deregulated. Previous estimates counted up to 75,000 apartments that could be affected by the Stuy Town ruling, which leaves 74,700 tenants (approx.) we're expecting to hear from. Er, make that 73,400.
Meanwhile, at Stuy Town itself, owner Tishman Speyer is supposed to meet with its special loan servicer within the week to
figure out how to get itself away from those pesky tenants discuss debt restructuring.
· Big development hit with Stuy Town ruling fallout [Crain's]
· Tishman Speyer to discuss Stuy Town loan restructuring within week [Real Deal]
· London Terrace Gardens coverage [Curbed]