Streams

Stuyvesant Town Tenants Seek to Buy Complex

Wednesday, November 30, 2011

The tenants association representing the more than 25,000 residents of Stuyvesant Town-Peter Cooper Village announced on Wednesday that it would partner with investment giant Brookfield Asset Management to bid for the sprawling Manhattan complex.

Councilman Dan Garodnick, who lives in Peter Cooper Village, said it could be months before the terms of a deal take shape.  Residents are aiming to buy their apartments to keep the complex affordable.

He said he is encouraged that Brookfield is willing proceed with a "non-eviction conversion ...  which simply means giving residents a choice to buy their apartments at an affordable rate, if they wish, or allowing renters to stay as rent-stabilized tenants, if they wish."

The 80-acre complex, built in the 1940s in order to house middle-class New Yorkers, has had multiple owners after Tishman Speyer purchased it from MetLife in 2006 for a record $5.4 billion. It then failed to recoup its investment as the economy tanked.

The mortgage is currently held by CW Capital, a distressed loan specialist.

Arlynne Miller, a resident of Stuyvesant Town since 1976, was encouraged by the non-eviction clause but felt it was too early to know whether the ultimate plan would benefit tenants or not.

"We just want an end to it," she said, adding that tenants had grown weary of the search for an owner who would maintain the site properly without pushing out middle-class residents. "I would like to know, as I'm getting older, that I don't have a predatory landlord going after me."

With the Associated Press

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