Stuyvesant Town ruling could trigger huge losses

12/1/2009 | Reuters

New York City multifamily landlords could suffer billions of dollars of losses because of a recent court decision relating to the Stuyvesant Town/Cooper Village apartment complex. New York state's highest court ruled the owners had illegally deregulated the rents. "The court ruling may result in billions of dollars in losses, both to property owners and commercial mortgage-backed securities [CMBS] bondholders," Deutsche Bank analysts Richard Parkus and Harris Trifon said in a report.

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