Stuy Town Update

(Press release from Tishman)


December 14, 2009

Joint Statement from Tishman Speyer, Wolf Haldenstein Adler Freeman & Herz, and Bernstein Liebhard

Re: Amy Roberts et al. v Tishman Speyer Properties et al.

“Representatives of the property owner and counsel for the plaintiffs, Wolf Haldenstein Adler Freeman & Herz LLP and Bernstein Liebhard LLP, today reached an interim agreement to adjust rents in each apartment affected by the recent Court of Appeals decision in Roberts v. Tishman Speyer Properties to an estimated rent-stabilized level for January and February 2010.
The rent adjustment will be reflected in the January invoices that will shortly be sent to residents. During the interim agreement, each affected tenant will also be afforded certain rights available under the Rent Stabilization Law, including the right of renewal and succession rights.

“In addition, 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 six-month agreement, which is intended to achieve an expedited resolution of the Roberts case, is contingent upon consent by CW Capital, the special servicer acting on behalf of the property’s senior lenders.”