Stuy Town Owners Seek to Reneogtiate Mortgage

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The owners of Stuyvesant Town and Peter Cooper Village say they're working to re-negotiate the terms of their loan, after announcing that they'll default on their mortgage.

REPORTER: The property was purchased for a record $5.4 billion in 2006, but it's worth less than half that now. City councilman Daniel Garodnick lives at the Manhattan complex. He says tenants want a say in what happens next.

GARODNICK: They will not stand for sitting by and watching as the same mistakes are made over and over again so we expect to be constructive players in this process and we'll insist on a seat at the table.

REPORTER: When the owners, Tishman Speyer and Black Rock Realty purchased the property, they expected to be able to convert rent stabilized apartments into market rate ones at a rapid pace. But that never happened and the real estate deal has been in trouble ever since.