A agreement between the Stuyvesant Town–Peter Cooper Village Tenants Association and their landlord CWCapital was reached today in regards to rent increases from Major Capital Improvements(MCIs) made by previous owner Tishman Speyer in 2009. Residents learned last fall that rents would be going up to account for the video intercoms and security system that Tishman Speyer installed in 2009 (the increase took that long to implement because these things require approval from the Department of Homes and Community Renewal and DHCR only issued their approval last October). Tenants were going to have to pay and additional $4.17 per room in their apartment, as well as a retroactive portion to account for the 47 months that the intercoms had been operating. The new settlement eliminates 100 percent of these retroactive charges and eliminates the permanent increase for certain tenants.
Earlier this year, the tenants association and CW Capital reached a separate agreement for a one month rent reduction to account for services lost as a result of Hurricane Sandy. Tenants are still waiting on rent refunds from overcharges that happened more than four years ago, but at least it seems like things are improving.