MetLife has agreed to settle a lawsuit brought by tenants of Manhattan’s largest apartment complex, Stuyvesant Town-Peter Cooper Village, accusing their former landlord of improperly jacking up rents.

The 2007 suit, which seeks $215 million, accused MetLife and its successor, real-estate developer Tishman Speyer, with illegally hiking rents while receiving $25 million in tax breaks for running a rent-regulated housing complex.

Terms of the deal were not disclosed and the settlement still needs to be approved by a New York state judge. MetLife disclosed the settlement in a regulatory filing yesterday.

“We are pleased with the settlement and believe it is a very fair and reasonable outcome as to the claims against MetLife,” said Ned Steele, a spokesman for Alex Schmidt, the attorney for the tenants.

MetLife sold the property to Tishman in 2006 for a then-record price of $5.4 billion. The tenants’ victory in late 2009 quashed Tishman’s dreams of turning the middle-class enclave into a hot spot for market-rate renters.

Tishman walked away from the 80-acre property in early 2010, after an appeals court upheld a lower court ruling in favor of the tenants.

A lawyer for CW Capital, which represents the senior lenders for the property’s $3 billion mortgage, did not respond to a request for comment.