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Stuy Town tenants, owners extend interim rent agreement

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Tishman Speyer Realty and Blackrock agreed with tenants to permit the Stuyvesant Town/Peter Cooper Village lawsuit to proceed as a class action case, and also extended an interim agreement to lower rents until June, according to a joint statement from lawyers and the landlord. Under the agreement, tenants will continue to pay, until the end of June, the lower of either their existing rent or estimated rent-stabilized rents. Tenants will also be granted certain rights that exist under the city’s rent stabilization law, including rights to renew leases and family succession. After missing a $16.1 million interest payment, Tishman Speyer and BlackRock last month agreed to turn the 110-building complex over to creditors in a deed-in-lieu of foreclosure. The companies bought the complex in 2006 for $5.4 billion. Tenants won a landmark lawsuit alleging the landlord illegally deregulated apartments at the complex, which received J-51 tax benefits from the city.