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Stuytown and the 2035 deal

NYC Rent Regulation: Rent Control/Rent Stabilized, DHCR Practice/Procedures

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Stuytown and the 2035 deal

Postby MickeyZ » Tue Mar 22, 2022 4:52 pm

I am on the waiting list for Stuyvesant Town and have been told I'm next in line. I recently read something about the deal the city made to keep the apartments affordable and rent stabilized until 2035, which was seen as a big win. However, I don't understand what happens after 2035 - do they get deregulated? I have also read that there is a lawsuit between Blackstone and the tenants, as the rent stabilization laws were made stronger after the deal was made and would've kept it stabilized longer (unless changed again). I turned 50 this year and will be around retirement age at that time. I was planning on living there for the long haul and don't want to have to worry about moving when I'm retiring. My current apartment is rent stabilized but is a studio walk up in an old building. That might not be a great scenario for retirement age either, but at least I know my rent would be protected. I was wondering what your thoughts are on this deal and odds of apartments being deregulated in 2035. I honestly know nothing about the legal system and real estate, and when I read these articles I find them confusing. If you can clarify this for me or have any thoughts of the "odds" of which way the lawsuit would turn out, I'd greatly appreciate it.
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Re: Stuytown and the 2035 deal

Postby TenantNet » Wed Mar 23, 2022 12:58 am

Stuytown has gone through a lot of tribulations over the last 15 years or so. Although not the most recent deal, it's useful to Read Charles Bagli's Book "Other People's Money."

You can probably find it cheaper on Abebooks.

Also see the court case for Roberts v. Tishman Speyer.

That is the Court of Appeals decision, but there are lower courts decisions and also what is known as progeny. If cases like this, not every issue is decided, so subsequent cases in other buildings will treat the many side issues.

There are MANY articles written on all this - Google around and have fun.

But after all that, later Blackstone bought Stuytown. See one article at https://www.forbes.com/sites/betsyschif ... 1eff894df6

Also https://gothamist.com/news/city-spent-2 ... nt-have-to

And like Roberts, the Blackstone deal generated reams of press.

The city sold out on air rights that ST could sell, and they can be very dangerous for the surrounding area.

What happens after 2035? No one knows, but given the size of the complex (and PCV), there will be tremendous pressure to maintain some degree of affordability after that. But understand that just like the current deal, subsequent deals will be more beneficial to the local politicians and developers than to the tenants.
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Re: Stuytown and the 2035 deal

Postby BubbaJoe123 » Fri Mar 25, 2022 6:29 pm

There are two "buckets" of rent-stabilized units at StuyTown, so it'd be important to know whether the unit you're looking at is what's referred to as a "Roberts" unit. These units had been deregulated prior to 2012, but were returned to rent-stabilization as part of a settlement between StuyTown's owners and the city in 2012. Under the terms of that settlement, they would have become deregulated last year. The tenants are suing StuyTown's current owners, arguing that the 2019 changes to the rent law override the 2012 settlement, so that the units can't be deregulated. That litigation is ongoing, as far as I know.

If you're not looking at a Roberts unit, then you'll be stabilized until 2035, based on the current law. With that said, predicting public policy 13 years out is a really tough thing to do. In 2036, StuyTown could be deregulated, or not. Your current apartment could be deregulated, or not.
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Re: Stuytown and the 2035 deal

Postby TenantNet » Sat Mar 26, 2022 9:02 pm

Things are always more complicated than they appear. I haven't followed ST as much in-depth as our resident landlord poster BubbaJoe. It is indeed a quagmire. And he's probably right (agreeing with me) that no one really knows what will happen in 13 years. If you really need to know, I suggest you do a lot of research, and even find tenant lawyers who have handled recent ST cases.
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Re: Stuytown and the 2035 deal

Postby MickeyZ » Sun Mar 27, 2022 12:51 pm

Thank you for your insight and suggestions. It certainly is a lot to think about.
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Re: Stuytown and the 2035 deal

Postby BubbaJoe123 » Tue Mar 29, 2022 8:57 am

TenantNet wrote:Things are always more complicated than they appear. I haven't followed ST as much in-depth as our resident landlord poster BubbaJoe. It is indeed a quagmire. And he's probably right (agreeing with me) that no one really knows what will happen in 13 years. If you really need to know, I suggest you do a lot of research, and even find tenant lawyers who have handled recent ST cases.


For the record, not a landlord. Never have been.
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Re: Stuytown and the 2035 deal

Postby TenantNet » Tue Mar 29, 2022 9:47 am

OK, landlord apologist.;)
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