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Herrick is assessing court ruling in Stuyvesant Town/Peter Cooper Village rent stabilization case
Real Estate Alert
October 22, 2009

In the closely watched Stuyvesant Town case, New York's highest court ruled that buildings enrolled in the J-51 tax abatement program are not subject to the rent stabilization law's luxury decontrol provisions.  Thousands of buildings are enrolled in the J-51 program, which grants benefits based on the performance of capital improvements.  The ruling upsets a decade-old assumption, supported by interpretations issued by the state agency charged with administering rent stabilization, that enrollment in the J-51 program does not preclude deregulation.  Herrick is considering the myriad implications of the decision -- which raises as many questions as it answers -- and how best to protect our clients from its consequences.