NEW YORK CITY-The ownership of Stuyvesant Town and Peter Cooper Village could begin raising rents at the massive East Side apartment complex beginning in April.
Approximately 40% of the tenants in the 11,200 units at the complex could see rents go up by $1,500 in some cases because of a lease provision that is part of a tenant-landlord settlement that is expected to be finalized in April, the Wall Street Journal reports.
“We are deeply skeptical of the legality of such a right, if exercised, and urge you not to take advantage of it,” a group of politicians led by City Council Member Daniel Garodnick, a resident of the complex, stated in a Jan. 25 letter to CWCapital Asset Management, the management company of the complex.
Also signatories of the letter were Sen. Charles Schumer, Rep. Carolyn Maloney, City Council Speaker Christine Quinn, Public Advocate Bill de Blasio and Manhattan Borough President Scott Stringer.
A spokesman for CWCapital says the firm couldn’t comment because the settlement is not finished. People familiar with the firm’s thinking tell the newspaper that CW hasn’t made a final decision about whether to increase rents. See story in the Wall Street Journal.