CW Financial is ousting Rose Associates from management duties at its 11,000-plus unit Stuyvesant Town and Peter Cooper Village complex. Crain’s reported CWCapital Asset Management, the CW Financial subsidiary that controls the property as special servicer, will replace Rose with CompassRock Real Estate, another company owned by CW Financial.
The switch takes affect Sept. 1, when Rose’s contract to manage the complex expires. Rose had been managing Stuy Town since 2010.
City Council member Daniel Garodnick, who lives in Stuy Town and represents its residents told Crain’s the community was “wary about the change” because of its lack of experience.
CompassRock was created earlier this year to manage properties owned by CWCapital so that it wouldn’t have to outsource the responsibility. CompassRock also took over management duties at Harlem’s Riverton Houses complex in April. [Crain's] – Adam Fusfeld