The Real Deal New York

Freddie, Fannie warding off “vultures” circling Stuy Town: Garodnick

Financing giants stand firm on not providing funds to buyers who won't keep affordable units

July 09, 2014 09:30AM

From left: Dan Garodnick and Stuyvesant Town

From left: Dan Garodnick and Stuyvesant Town

Before asking Freddie Mac and Fannie Mae for funding for any potential purchase of Stuyvesant Town Peter Cooper Village, investor will first have to assure the mortgage giants that a portion of the units will be affordable.

CWCapital Asset Management currently controls the 11,200-unit complex and is looking to sell.

Elected officials announced last month that CWCapital would work with Mayor Bill de Blasio to preserve the affordable units. Officials at housing lenders Freddie Mac and Fannie Mae promised to hold off until an agreement was in place. The mortgage giants are keeping their word, according to a letter the Federal Housing Finance Agency

“The demonstration of Fannie and Freddie’s commitment is already helping us cut off the oxygen to another predatory deal,” Council member Dan Garodnick told Crain’s. “It seems new vultures are already circling, and these agencies are properly standing their ground.” [Crain’s] — Claire Moses

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