NEW YORK (WPIX)—
Tenants had fought that the owners of the community, Tishman Speyer Properties illegally deregulated rents, despite receiving tax benefits created by the J-51 Program.
But the court's decision is not helping the solvency of the owners, who are reportedly struggling, especially considering the valuation of the property has dropped by several billion dollars.
Tishman Speyer released a statement Thursday, reading,"While we respect the Court's decision, we view this as an unfortunate outcome for New York. The ruling, which reverses 15 years of government practice, raises a number of difficult issues that will need to be resolved by the courts and various government agencies in the coming months and years."