The Real Deal New York

Posts Tagged ‘cwcapital’

  • Briger Stuy Town

    From left: Fortress Investment Group’s principal Peter Briger, Stuyvesant Town and Wells Fargo’s CEO John Stumpf

    Four investors in Stuyvesant Town Peter Cooper Village are suing CWCapital and Wells Fargo, looking to prevent CWC from reaping an alleged “windfall” of more than $560 million from the complex’ $5.3 billion sale to the Blackstone Group and Ivanhoe Cambridge. [more]

  • Stuy Town Flex Pricing

    The revenue for Stuyvesant Town and Peter Cooper Village has risen steadily over the past few years, and one path to growth has been the murky practice of “flex” rentals, an analysis by The Real Deal of Department of Buildings records shows.

    The 11,232-unit complex on Manhattan’s East Side boasts about 5,000 free-market rentals, including dozens of current listings for one-, two- and three-bedroom units. But about a third of the apartments being actively marketed by the property’s management firm, CompassRock Real Estate, are in the grey area of flex rentals — units with partitioned rooms that can rent for significantly more than traditional apartments. [more]

  • How Stuy Town was won

    October 29, 2015 11:21AM
    Clockwise from bottom left: Jonathan Gray, Doug Harmon, Alicia Glen and Daniel Fournier

    Clockwise from bottom left: Jonathan Gray, Doug Harmon, Alicia Glen and Daniel Fournier

    TRD Special Report:In August 1947, as the first tenants were moving into Stuyvesant Town-Peter Cooper Village, workers installed a small metal plaque on the west side of its central oval footpath. It was dedicated to Frederick Ecker, president of the Metropolitan Life Insurance Company and developer of the giant housing complex.

    Ecker, the plaque read, had “brought into being this project, and others like it, that families of moderate means might live in health, comfort and dignity in parklike communities, and that a pattern might be set of private enterprise productively devoted to public service.” The inscription became a mantra for the 11,200-apartment complex, which, even as Manhattan became increasingly unaffordable, remained a rent-stabilized oasis for the middle class.

    But in 2002, the plaque was quietly removed. Four years later, MetLife sold Stuy Town to developer Tishman Speyer and fund manager BlackRock, who planned to aggressively convert units to market-rate. Families of moderate means were suddenly of low priority. [more]

  • wright

    Keith Wright and 2156 Madison Avenue

    A group of Harlem housing complex tenants has filed suit against its landlord, alleging they’re being harassed.

    Residents of the Riverton housing complex at 2156 Madison Avenue, between 135th and 138th streets, claim that CWCapital Asset Management and affiliate Compass Rock Real Estate have allegedly been overcharging on rent in an effort to push out longtime residents. [more]

  • Stuyvesant Town/Peter Cooper Village

    Stuyvesant Town/Peter Cooper Village

    Lenders for Stuyvesant Town and Peter Cooper Village are suing CWCapital Asset Management over what they allege was a flawed takeover of the 11,000-unit housing complex, which valued the property at $4.4 billion.

    Last month, CWCapital, which manages the property on behalf of bondholders, took title to the property exercising a deed in lieu of foreclosure. The junior lenders allege that CWCapital took over the property “on the flawed premise that the amount owed on the senior loan was greater than the value of the property,” according to a complaint obtained by Bloomberg News. [more]

  • From left: Stuyvesant Town and Peter Cooper Village and renovated apartment at Peter Cooper

    From left: Stuyvesant Town and Peter Cooper Village and renovated apartment at Peter Cooper

    New York City  just bought itself more time in its bid to preserve affordable housing at Stuyvesant Town and Peter Cooper Village. [more]

    1 Comment
  • From left: Jeffrey Hayward, Stuyvesant Town (source: Alec Jordan), Daniel Garodnick and Gale Brewer

    From left: Jeffrey Hayward, Stuyvesant Town (source: Alec Jordan), Daniel Garodnick and Gale Brewer

    Mortgage giants Fannie Mae and Freddie Mac promised the city and tenant groups they will not invest in any deal to purchase Stuyvesant Town and Peter Cooper Village without first consulting lawmakers and residents. [more]

  • Stuy-Town-Iannarone

    Stuyvesant Town and Peter Cooper Village and CWCapital Asset Management’s David Iannarone

    UPDATED, June 5, 5:30 p.m.: The bond holders represented by CWCapital Asset Management who own Stuyvesant Town and Peter Cooper Village transferred the ownership of each group of buildings from one entity to an affiliated entity, valuing the entire 11,000 apartments in 110 buildings at just over $4.4 billion. [more]

  • Stuy Town general manager steps down

    June 20, 2013 05:30PM
    Stuyvesant Town

    Stuyvesant Town

    The general manager of Stuyvesant Town-Peter Cooper Village has stepped down from his position overseeing the massive rental complex on the East Side of Manhattan, according to Town & Village. Sean Sullivan worked at the complex, which continues to grab headlines for the squabbles between tenants and management, for just over a year. [more]

  • Council member Dan Garodnick and Stuyvesant Town

    CWCapital Asset Management, the special servicer that controls Stuyvesant Town-Peter Cooper Village, said in a statement today that it will delay mid-lease rent increases for hundreds of tenants. [more]

    1 Comment
  • From left: Tenant Amy Roberts and Stuy Town

    A New York state judge today approved a $68.8 million settlement in the Stuyvesant Town-Peter Cooper Village tenant class action, in which residents alleged that the complex’s owners had improperly deregulated rent-stabilized units, according to Wolf Haldenstein Adler Freeman & Herz LLP, co-lead counsel for the plaintiffs. [more]

  • Stuyvesant Town

    Two residents of Stuyvesant Town-Peter Cooper Village are asking a judge to dismiss the planned $68.7 million settlement between tenants and ownership over allegations of rent overcharges. [more]

    1 Comment
  • Stuyvesant Town

    The owners of Stuyvesant Town and Peter Cooper Village — Manhattan’s largest apartment complex — are one step closer to unloading the financially troubled property, following an appraisal valuing the complex at $3.2 billion — $400 million more than in 2010, according to the New York Post. The appraisal was conducted by an independent appraiser for CWCapital Asset Management, which controls the rental property on behalf of the bondholder owners. [more]

  • From left: Amy Roberts and Stuy Town

    Tenants of Stuyvesant Town-Peter Cooper Village have reached a settlement in their long-running class action lawsuit against the owners of Manhattan’s largest apartment complex. The deal, signed today, is worth roughly $146.9 million, including almost $68.8 million cash in compensation for rent overcharges over a nine-year period.

    “We believe this settlement provides an extraordinary recovery for our clients and we couldn’t be happier for them,” Ronald Aranoff, an attorney at Bernstein Liebhard who represented the tenants, said in the statement. [more]

  • Stuyvesant Town

    Tenants of Stuyvesant Town-Peter Cooper Village, Manhattan’s largest apartment complex, are asking the bondholders that own the property’s debt to bypass the company working out the loan and seek a speedy sale of the complex, Bloomberg News reported.

    Since the 11,000-unit complex went into default in 2010, it has been controlled by CWCapital Asset Management. According to a letter the Stuyvesant Town-Peter Cooper Village Tenants Association sent to residents, CWCapital is refusing to entertain offers on the building — offers that could pay off debtholders.  [more]

  • Stuyvesant Town

    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. [more]

    1 Comment
  • Citi unloads rights to $2.6B portfolio

    November 17, 2011 11:59AM

    Citigroup has sold the servicing rights for a $2.6 billion real estate portfolio, including about 2,200 multi-family loans, to CWCapital, Bloomberg News reported, as the bank’s CEO Vikram Pandit continues offloading troubled assets. Citigroup declined to comment on what CWCapital paid for the portfolio.

    “Citi’s decision to sell the portfolio is consistent with its strategy of reducing assets in Citi Holdings, CitiGroup’s portfolio of non-core operating businesses and assets,” said a spokesperson for Citigroup.

    The portfolio includes about 2,200 multi-family loans from Fannie Mae with an average unpaid principal balance of $1.2 million, CWCapital said today in a statement. … [more]

  • There’s an antique collection of storage trunks — and potentially a community of insects and vermin — in the bowels of Stuyvesant Town and Peter Cooper Village. But in its latest issue, the New Yorker reported that property manager Rose Associates has begun sending letters to tenants asking them to claim their belongings, as CWCapital, which took control of the property after Tishman Speyer defaulted, tries to make better use of the space in advance of a sale.

    The 110-building complex has offered tenants trunk storage space since the 1940s. … [more]

  • alternatetext
    From left: 100 South 4th Street (credit: PropertyShark) and 120 South 4th Street

    Two under-the-radar Brooklyn real estate developers are confronting more than
    $51 million in personal guaranty and foreclosure lawsuits on five separate loans
    doled out in Williamsburg and Greenpoint in 2006 and 2007.

    In the largest and most recent legal action, special servicer CWCapital Asset
    Management sued the developers, Menachem Stark and Israel Perlmutter, to
    recover $29 million lent in 2007 and secured by the seven-story, 74-unit rental
    building at 100 South 4th Street, between Berry Street and Bedford Avenue.

    In the CWCapital suit filed in U.S. District Court in Brooklyn June 28, the special
    servicer claims the pair personally owes the full $29 million because of a Chapter
    11 filing the pair entered in an effort to block a foreclosure proceeding in 2009. … [more]

  • CW Financial Services, best known in the city as the parent company of CWCapital Asset Management, will acquire Manhattan-based boutique investment bank Rockwood Real Estate Advisors, sources told Crain’s. Formerly known as DTZ Rockwood, the firm provides real estate advisory services, portfolio brokerage and debt and equity, according to its website. As The Real Deal previously reported, Rockwood filed for Chapter 11 bankruptcy in 2009, two years after advising Mann Realty Associates on its $426 million purchase of the Apthorp. Over the last three years the firm has been involved in about $20 billion worth of real estate assets. Crain’s said the move helps CW expand its reach while providing the cash needed to help Rockwood become more competitive. The deal is not final and the terms remain undisclosed. … [more]