A New York judge has approved a $68.75 million settlement between the current and former owners of Stuyvesant Town and Peter Cooper Village and tenants who said they were overcharged on rent of the sprawling Manhattan apartment complex, tenants' lawyers said Wednesday.

Under the deal, bondholders who hold the mortgage to the property, which is serviced by CWCapital Asset Management LLC, and past owner MetLife Inc will pay a total of $68.75 million to roughly 27,500 class members. The tenants also saved roughly $105 million in rent reductions, bringing the total recovery to $173.25 million, lawyers for the tenants said.