A Fresh Take on CRE

The Latest J-51 Ruling Against Tishman Speyer, Stuy Town & Peter Cooper Village

As you may have heard, the New York Court of Appeals upheld the Appellate Court's ruling on the deregulation of apartments at Stuyvesant Town and Peter Cooper Village. Besides the fact that I believe this ruling is incorrect, it clearly is not in the best interest of New York City and the economy.

Stay tuned as many landlords default on buildings as a result of this ruling, and the city misses out on lots of tax revenue. This, all thanks to an archaic and poorly written law that has been misinterpreted by the courts, and defined in a way that was not in the spirit of the way it was written.

Here's an article on what happened: http://www.crainsnewyork.com/apps/pbcs.dll/article?AID=/20091022/FREE/910229993/1057

Check out my old blog post on the J-51 to learn more about the background and repercussions:

http://www.brokerednyc.com/2009/03/by-virtue-of-or-stuyvesant-town-j-51.html

To learn about NYC's rent regulation practices and why they are a sham, read The Case for Deregulation.

http://feeds.feedburner.com/Brokered-ThoughtsOnNycCommericalRealEstate