NEW YORK CITY-Only weeks after hiking rents to hundreds of tenants at the Stuyvesant Town and Peter Cooper Village, landlord CW Capital says it will not make a scheduled payment in October to residents who were overcharged at the expansive residential complex.
CW Capital has not stated when it would make the payment on its $173-million court negotiated settlement as compensation to residents who paid market rate rents for units that should have been stabilized, according to Crain's New York Business.
"They're no longer looking at October and I can't speak to what the issues or reasons are," says City Councilman Dan Garodnick, who is a resident of the complex and whose district encompasses it. "I can certainly say that CW Capital was very quick to raise rents and take money from tenants, but it appears from this that they're far less quick in giving it back." See story in Crain's New York Business.
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