MetLife Settlement Probably Not Peanuts

MetLife’s 10K filed with the SEC this week has one line in a footnote referring to Roberts v. Tishman saying MTL has reached a settlement in principle with the plaintiff tenants, subject to finalizing the settlement terms and court approval.¬† The only comment anyone has made on the so far undisclosed settlement is that¬† it is for less than the $200 million originally suggested by Stuyvesant Town tenant attorneys.

DOB issued permits for 8,936 residential units in 2011, according to a NY Building Congress Report, a 33 percent increase from 2010. The number of permits issued in 2011, however, remains 74 percent below the 2008 peak of 33,911 units. Completed units are another story. Certificates of Occupancy have been issued for 22-26,000 units in each of the last five years, less than a one percent replacement rate. By contrast, the hotel inventory has been booming 5 percent a year recently. Yet, hotels are running at 85 percent occupancy and apartments are at 97percent.

The city issued a new lien list and the NY Post reported a number of data entry errors and other problems that surprised some owners who thought they were paid up. Check out your buildings.

The ABO Legal Committee will get an Albany Legislative update from Lew Dubuque, EVP of the New York State Builders Association, at 12:30 p.m. Thursday in the ABO office. Please call if you would like to join us as space is limited.

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