| NEW YORK
NEW YORK Nov 29 The owners of Stuyvesant Town
and Peter Cooper Village have reached a $147 million settlement
to resolve claims by thousands of tenants who said they were
overcharged on rent, removing the biggest hurdles to a sale of
the huge Manhattan apartment complexes, attorneys for the
tenants said on Thursday.
CWCapital Asset Management LLC, which has controlled
Stuyvesant Town/Peter Cooper Village since 2010, and past owner
MetLife Inc will pay $68.75 million to reimburse 21,250
tenants for past overcharges under the agreement. CWCapital also
agreed to end any effort to recover $78.1 million in rent
reductions it has provided since the lawsuit was filed in 2009.
The tenants had sought roughly $215 million in their
The settlement, which also sets rents for the 11,200-unit
project through June 2020, has been approved by the New York
State Division of Housing and Community Renewal.
The settlement is the most recent chapter in the saga of
MetLife's sale of the 56-building project to T ishman Speyer
Properties L.P. and an affiliate of BlackRock Inc for a record
$5.4 billion at the top of the commercial real estate market in
2007. The lawsuit and the downward spiral of the real estate
market culminated with the owners defaulting on their loans in