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NEW YORK CITY-The two sides in the battle over decontrolling rent-stabilized apartments at Peter Cooper Village/Stuyvesant Town said Monday they had reached an agreement to adjust rents downward for January and February 2010. The court order, issued by Justice Richard B. Lowe III of the state Supreme Court, also says Stuy-Town’s ownership and the tenants who successfully sued them are to hire a consultant to calculate the difference between the stabilized rents and negotiated rents for each unit by Jan. 15.

“The rent adjustment will be reflected in the January invoices that will shortly be sent to residents,” according to a joint statement from Tishman Speyer Properties, which owns the 11,227-unit complex in a joint venture with Blackrock Realty, and attorneys from Bernstein Liebhard LLP and Wolf Haldenstein Adler Freeman & Herz LLP, which represented the tenants in Roberts vs. Tishman Speyer Properties.

“During the interim agreement, each affected tenant will also be afforded certain rights available under the Rent Stabilization Law, including the right of renewal and succession rights.” The state Court of Appeals in October ruled that Stuy-Town’s owners had illegally decontrolled rent-stabilized apartments while also receiving J-51 tax benefits to perform renovations.

In addition to the two-month rent adjustment, the two sides also agreed on “a more inclusive, six-month agreement covering a wider range of unresolved issues beyond those addressed in the interim agreement,” according to the joint statement. “The six-month agreement, which is intended to achieve an expedited resolution of the Roberts case, is contingent upon consent by CW Capital, the special servicer acting on behalf of the property’s senior lenders.”

The $3-billion loan on the 56-building Stuy-Town was transferred to special servicing two weeks after the Court of Appeals handed down its decision. “We requested that the joint venture’s loan be moved to special servicer in order to facilitate negotiations on a restructuring of the debt load,” a Tishman Speyer spokesman told GlobeSt.com last month.

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