Stuy Town Tenants Association Gets Rent Reduction for Sandy-Affected Tenants
Landlord CWCapital Asset Management, the loan servicing firm that represents the bondholders of Stuyvesant Town Peter Cooper Village since the previous owner Tishman Speyer defaulted on its debt, recently agreed to grant tenants a one-month rent reduction because of damages suffered during Superstorm Sandy.
The October 2012 storm knocked out power in Stuy Town and Peter Cooper Village, and tenants waited more than three months for services such as intercoms, some elevators, and laundry and storage facilities to be restored before filing for the rent reductions. More than a year later, some buildings are still without proper laundry facilities and fully functioning basements and intercoms.
In February 2013, with the support of local politicians, tenants filed for rent reductions to compensate for the losses, and now, their wishes have been granted. CW Capital agreed to a 15 percent reduction for tenants living in buildings that suffered the most damage, while tenants living in minimally damaged buildings will see a 7 percent reduction. The reductions will be based on July 2013's rent, and tenants will also be given storage privileges, whether or not they had them before.