Important Information for Formerly Market Tenants Renewing Their Lease
The prior FAQ erroneously stated that tenants will have 90 days to decide whether they will accept the proposed renewal lease or decide to vacate their unit. Instead, the rent stabilization laws allow tenants only 60 days after receipt of the renewal lease to determine whether to extend their tenancy. Formerly market tenants at Stuyvesant Town and Peter Cooper Village who wish to renew their lease must do so within 60 days of receipt of the renewal lease or, as allowed under the rent stabilization laws, the owner has the right to either treat the non-response as an agreement to vacate or deem a renewal lease in effect with the appropriate percentage increase (using the length of the lease term for the expiring lease as the term for the renewal).
If you have any further questions please contact Michael Liskow of the class members’ law firm Wolf Haldenstein at liskow at whafh dot com.
Frequently Asked Questions on Roberts/J-51 Litigation - June 2010
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