Real Estate

Court approves multi-million dollar settlement for Stuy Town residents

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.

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With record-low mortgage rates, originators and real estate agents aren’t taking a holiday anytime soon

Low rates are making this summer one for the record books. Accordingly, loan officers, underwriters, real estate agents and those working in title and settlement offices are continuing to work the long hours that have become the norm since March. Not that they’re complaining.

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3d rendering of a row of luxury townhouses along a street

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