Interim Agreement on J-51 Extended Until Year End
Attorneys for plaintiffs in the Roberts case have notified the Tenants Association that the the interim agreement that originally extended adjusted rentals and rent-stabilized rights for former Market Rate tenants until the end of June 2010 has been extended to the end of December of this year.
We regret the long wait between advisories on J-51. The attorneys are not permitted to make public statements while negotiations are in progress so we are forced to wait for formally released information from them before we can update you.
The two sides in the agreement issued the following statement:
June 10, 2010
Joint Statement from Tishman Speyer, Wolf Haldenstein Adler Freeman & Herz, and Bernstein Liebhard
Re: Amy Roberts et al. v Tishman Speyer Properties et al.
“Representatives of the current owners of Stuyvesant Town and Peter Cooper Village and counsel for the plaintiffs, Wolf Haldenstein Adler Freeman & Herz LLP and Bernstein Liebhard LLP, agreed today to again extend the interim agreement they reached last December to adjust rents in each apartment affected by the recent Court of Appeals’ decision in the Roberts litigation. Under the extended agreement, affected tenants will continue to pay the lower of either their lease rent or an estimated rent-stabilized rent through the month of December 2010. Each affected tenant will also continue to be afforded certain rights as if pursuant to the Rent Stabilization Law, including renewal and succession rights. The agreement will also extend the stay of litigation between those parties through December 15, 2010, although either side will have the right to terminate the stay after September 15, 2010.
“An independent consultant, retained in March, will continue with a unit-by-unit historical rent analysis over the next two to three months, and the parties expect that the matter will be resolved through good faith negotiations before the end of this year.”
Frequently Asked Questions on Roberts/J-51 Litigation - June 2010
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