How Stuyvesant Town Decision May Affect Your J-51 Buildings

On Oct. 22, 2009, New York State's highest court dealt a devastating blow to the owners of the Stuyvesant Town and Peter Cooper Village complexes in Manhattan when it ruled that they improperly began charging market rents on thousands of apartments. In a 4-to-2 decision, the court said that the owners improperly raised rents beyond certain set levels at the complexes while receiving tax breaks from the city for major renovations.