Tenants of Stuy Town just saw their long legal battle resolved with a $68.7 million settlement in November, but that settlement had a clause that might begin to haunt some tenants: a provision allowing the landlord to raise the rent mid-lease. That rent hike could be up to $1,500 for some apartments, the Journal reports. The provision applies to about 40 percent of the units in Stuy Town and Peter Cooper Village, and it could go into effect starting in April. Stuy Town overlord CWCapital hasn't made a decision yet about whether it will exercise this right, according to the Journal, but tenants are, understandably, already worked up about it.
Tenants who noticed the clause in their leases say they were told by leasing agents that they didn't need to worry about it being put into effect. And it is unlikely: CWCapital would have to deal with rapid turnover of many apartments if rents rose so drastically. When it comes to Stuy Town, though, anything is possible.
· Lease Surprise in Stuyvesant Town [WSJ]
· Stuy Town coverage [Curbed]