Mid-Lease Rent Increases on Way at Stuyvesant Town

NEW YORK CITY-Residents of Manhattan's largest apartment complex-Stuyvesant Town-Peter Cooper Village-received some unwelcome news recently-notices that mid-lease rent increases are on the way.

This is the second time this year that tenants will be subject to mid-lease increases, according to Bloomberg News. The latest rent hike stems from state approval of rent increase applications by former landlord Tishman Speyer Properties LP for major capital improvements it made at the 11,000-unit development in 2009.

“Tenants were surprised to find four different notices that their rent is going up by some amount,” says State Assemblyman Brian Kavanagh. The complex has been under the control of CWCapital Asset Management LLC, a special servicer, since 2010.

“We want to proactively work with our residents to mitigate the effect of these orders,” Stuyvesant Town-Peter Cooper Village's managers said in a letter to tenants. “Over the next few weeks, we will be preparing specific proposals to all residents individually that outline how we intend to manage the implementation of these orders.” See story at Bloomberg News.