Blackstone Loses Fight Over Rent Controls at Manhattan Complex
Photographer: Michael Nagle/Bloomberg
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Blackstone Inc. lost a bid to end rent stabilization at Manhattan’s largest apartment complex, after a judge ruled in favor of tenants at Stuyvesant Town-Peter Cooper Village.
New York State Supreme Court Justice Robert Reed said in a decision released on Jan. 5 that a state law passed in 2019 prevents the deregulation of thousands of units at the 80-acre development. The company bought the property for $5.3 billion in 2015.