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Stuy Town Tenants To Get One Month Rent Reduction

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Stuy Town tenants are still waiting on those rent refunds (from overcharges that happened more than four years ago), but they will see a bit of financial relief soon. Crain's reports that landlord CWCapital Asset Management, a loan servicing firm that has represented the bondholders since the previous owner Tishman Speyer defaulted on its debt, agreed to grant tenants a one-month rent reduction because of damages suffered during Hurricane Sandy. The October 2012 storm knocked out power in Stuy Town and Peter Cooper Village, and services like elevators and laundry were not brought back online until months later.

In February 2013, with the support of local politicians, tenants filed for rent reductions to compensate for the losses, and now, nearly a full year later, their wishes have been granted. CW Capital agreed to a 15 percent reduction for tenants living in buildings that suffered the most damage, while tenants living in minimally damaged buildings will see a 7 percent reduction. The reductions will be based on July 2013's rent (it's unclear why that month was chosen), and tenants will also be given storage privileges, whether or not they had them before.
· Sun comes out for Stuy Town residents [Crain's]
· Stuy Town Peter Cooper Village Tenants Assc. Wins Rent Reduction for Sandy-Affected Tenants [stpcvta.org]
· All Stuy Town coverage [Curbed]