As a protracted six-year legal battle finally dovetails to a close, Stuy Town residents who had been overcharged for years now know exactly how much they'll be getting in compensation. Though a $68.75 million settlement in Roberts v. Tishman Speyer was tentatively approved back in November, now we know the breakdown. Around 21,250 current and former market rate tenants who were paying unjustly inflated rents as a result of misinterpreted rent stabilization laws will get checks for an average of $3,200 apiece. However, because the case also resulted in rent reductions, the total take by residents comes to about $173.25 million, the Town & Village blog reports. Tenants have until May 15 to file claims.
There was more than a bit of bristling, however, over the high legal fees, which, at 30 percent of the damages, amount to nearly $20 million. Lawyers and their staff members charged as much as $890 per hour, according to Real Estate Weekly, and the judge joked that he's not even sure he makes $100 an hour. Even as the dust settles on this epic case, politicians like Council member Dan Garodnick and Stuy Town residents have redirected their worry towards a new, looming foe: rent hikes. Let's just hope a sequel to this saga isn't on its way.
· Court approves 'Roberts' settlement [Town & Village Blog]
· Judge in 'love' with Stuy Town [Real Estate Weekly]
· Stuyvesant Town coverage [Curbed]