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Posts Tagged ‘peter cooper village’

  • 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]

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  • 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]

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  • 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]

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  • fortress

    StuyTown and Fortress CEO Randal Nardone

    Midtown-based private equity firm Fortress Investment Group intends to make a bid to buy the beleaguered Stuyvesant Town-Peter Cooper Village.

    The firm plans to make an offer of $4.7 billion, but is looking for cash financing from equity partners. CW Capital said yesterday it will foreclose on a secondary loan for Manhattan’s largest apartment complex. Tenants are concerned this will lead to the sale of the complex. [more]

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  • Stuyvesant-Town-Peter-Cooper-VillageTOP

    Stuyvesant Town-Peter Cooper Village

    CW Capital plans to foreclose on a secondary loan for Stuyvesant Town-Peter Cooper Village, a move tenants fear will kick off the process of putting Manhattan’s largest apartment complex up for sale. [more]

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  • 59036_stuytown.jpg

    A rent reduction application filed by more than 1,500 Stuyvesant Town-Peter Cooper Village residents impacted by Superstorm Sandy is finally bearing fruit.

    The group of residents filed for a rent break in February 2013, pointing to alleged delays in bringing services such as elevators, laundry, intercoms and storage facilities back online for several months following the storm. [more]

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  • Stuyvesant Town

    Stuyvesant Town

    Some 2,000 tenants of Stuyvesant Town-Peter Cooper Village will be spared mid-lease rent hikes as part of an agreement between the owners of the 11,000-unit rental complex and New York Attorney General Eric Schneiderman, his office announced today.

    CWCapital Asset Management, the special servicer that controls the complex, notified tenants of the rent increases in May. [more]

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  • 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]

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  • Stuyvesant Town

    A Boston-based online travel company is attempting to draw tenants to Stuyvesant Town and Peter Cooper Village by letting them rent out their homes to tourists, the New York Post reported.

    FlipKey, a vacation rental website owned by TripAdvisor, made the offer — $1,000 to anyone who agreed to turn his apartment into a hotel — in a promotion mailed to residents in the neighborhoods. [more]

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  • Stuyvesant Town

    Now that the legal fracas over Stuyvesant Town and Peter Cooper Village has finally been resolved, its owners are looking to boost income at the mammoth housing complex before putting it on the market, the Wall Street Journal reported.  [more]

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  • F. Scott Fitzgerald’s former villa on the Cote d’Azur

    With laundry rooms closed post-Sandy, Peter Cooper Village residents demand rent breaks. JDS Development’s 202 8th Street in Gowanus (finally) hits the market. Developers turn to “sliver hotels” to reduce costs, follow zoning rules. Hey ladies! Women outnumber men in Williamsburg, Upper West Side, according to a gender breakdown of U.S. cities. Click here for these stories and more.

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  • Stuy Town tenants fired up over ice rink

    November 19, 2012 05:30PM

    Stuyvesant Town/Peter Cooper Village

    Residents of Stuyvesant Town-Peter Cooper Village are fuming again over what was supposed to be a welcome amenity. According to the New York Observer, tenants are up in arms over the return of the complex’s much-loathed ice rink. Stuy Town’s owners installed the rink last year, but tenants quickly grew disenchanted by the crowds, noise and fumes from the generators, and loudspeakers blasting music well into the evening. Tenants are required to pay to use the rink. [more]

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  • Stuyvesant Town/Peter Cooper Village

    A new study shows that the of sale of Stuyvesant Town/Peter Cooper Village to the partnership entity between tenants and Brookfield Asset Management would likely offer holders of the property’s first mortgage the best returns. The study, first reported by Crain’s, was undertaken by JPMorgan Securities. The report also found that selling the 11,000-unit rent-regulated complex, which has been in foreclosure since 2010, to the partnership was the development’s most likely outcome. [more]

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  • A William Street New School accommodation facility is one of five New York City addresses making its debut on Trepp’s list of distressed properties in November, according to data from the real estate analytics firm.

    New to the 56-item list of distressed properties is Metro Loft Management’s 111,000-square-foot, 17-story building at 84 William Street, currently being used as a student housing facility for attendees of the New School, according to the university’s website. The company is non-performing on a loan beyond maturity, with a balance of $28.9 million, after being current in October, the data shows. (note: correction appended) – Katherine Clarke[more]

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  • Tenants of Stuyvesant Town and Peter Cooper Village have received an alternative partnership offer just days after it was revealed they had partnered with Brookfield Asset Management to explore buying the properties, Crain’s reported.

    A partnership between developer Gerald Guterman and Westwood Capital issued letters to tenants today, reminding them of a proposal Guterman and Westwood sent them in 2010. The duo’s plan involves converting all units in the complex to co-ops, which the tenants would then buy for close to $175 per square foot. … [more]

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  • Stuyvesand Town and City Council member Daniel Garodnick

    The tenant association for Stuyvesant Town and Peter Cooper Village voted yesterday to partner with Brookfield Asset Management to explore buying the properties, the New York Times reported. The association is aiming to convert the complexes, with 11,232 apartments in total, into an affordable condominium or cooperative in a plan that could see residents choose to buy their apartments or remain as rent-regulated tenants.

    The tenants are hoping that the lenders who control the property, who are represented by CW Capital, will sell it to them rather than someone who may wish to displace the properties’ long-term residents, the Times said. … [more]

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  • 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]

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  • A bill pending in the New York State Senate would allow landlords who had improperly deregulated apartments while receiving tax benefits from the city to buy their way out of paying tax breaks, free themselves from back-rent claims and keep their apartments at market-rate rents, according to the New York Times.

    The bill comes as a possible solution to a ruling by the New York Court of Appeals in 2009 stating that the owners of Stuyvesant Town and Peter Cooper Village complexes had falsely deregulated apartments. About 40,000 other apartments in Manhattan were similarly affected by the ruling. … [more]

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  • Academy Award-winner Dianne Wiest, who starred in “Hannah and Her Sisters” and more recently, in HBO’s “In Treatment,” has joined a group of tenants at her 229 West 78th Street home in a rent-stabilization lawsuit against their longtime landlord. According to the Post, the actress and her cohorts are taking a page out of the book of the Stuyvesant Town & Peter Cooper Village apartment complex, claiming that their landlord illegally charged them market-rate rents because the 100-unit building was simultaneously getting a J-51 tax abatement from the city between 1993 and 2004. … [more]

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  • Trees evicted from Stuy Town

    March 14, 2011 11:34AM
    alternate text
    From left: City Council member Daniel Garodnick, Rose Associates’ Adam Rose and trees in Stuyvesant Town

    Special servicer CWCaptial Asset Management is set to remove hundreds of trees from the sprawling Stuyvesant Town and Peter Cooper Village residential complex, according to the Wall Street Journal, after residents complained the greenery posed a safety threat. The trees, which former owner Tishman Speyer began planting at the 11,200-unit residential community in 2006, allowed “for somebody of ill will to hide and potentially perform a criminal act,” said City Council member Daniel Garodnick at the time. But while residents butted heads with Tishman Speyer over the arboreal plantings, Adam Rose, co-president of Stuy Town property manager Rose Associates, said he agrees with the tenants. … [more]

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