Q. What did the Court of Appeals decide last week?
A. The Court of Appeals, in 4‐2 decision ruled that Tishman Speyer and its predecessor, Met Life, improperly deregulated apartments because they were contemporaneously receiving the J‐51 tax abatement from the city.
Q. Can Tishman Speyer appeal this decision?
A. No, Tishman Speyer cannot appeal the Court of Appeals’ decision because it was decided by New York State’s highest court. The case now gets remanded to the trial court for an assessment of damages.
Q. I am a market rate tenant — Will my rent get rolled back?
A. Maybe. It depends on whether your current legal rent stabilized rent is below
your current market lease rent. For most market rate tenants, though not all, the
answer is “yes.”
http://www.stpcvta.org/flyers/j51-faq-fi...