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Rent Reductions Set at NY Apartment Complex

A tentative legal agreement made in state Supreme Court will reduce rent for thousands of residents in Peter Cooper Village and Stuyvesant Town.

The deal between landlord Tishman Speyer and its residents was reached in state Supreme Court.Monday. The changes will be implemented in January.

"Tishman Speyer and BlackRock have reached agreement with counsel for the plaintiffs on a more inclusive, six-month agreement covering a wider range of unresolved issues beyond those addressed in the interim agreement," the parties said in the statement.

The deal comes on the heels of a New York State Court of Appeals decision in October to uphold rent controls at the East Side complex.

The ruling reportedly found that the owners "improperly" raised the monthly price of rent-regulated units while simultaneously receiving tax breaks.

Rents for 4,4000 apartments at the complex will now be temporarily reduced for six months until a formal agreement can be reached.

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