The Real Deal New York

Posts Tagged ‘peter cooper village’

  • 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]

  • 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]

  • 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]

  • 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]


  • 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.

  • 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]

  • 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]

  • 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]

  • 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]


  • 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]

  • 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]

  • 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]

  • 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]

  • Trees evicted from Stuy Town

    March 14, 2011 11:34AM
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    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]

  • The California Public Employees’ Retirement System, the largest U.S. public pension plan otherwise known as Calpers, is shifting its strategy away from residential real estate investments after getting badly burned on several boom-era housing deals, Bloomberg News reported. Perhaps the most infamous of those deals was Stuyvesant Town and Peter Cooper Village, in which Calpers lost a $500 million stake after the complex was turned over to creditors last year. Yesterday, the pension fund’s investment committee voted to move roughly half of its real estate investments from “higher-risk” assets like housing into commercial property, in order to avoid falling victim to real estate booms and busts in the future. … [more]

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    Stuyvesant Town and Robert Scaglion, a senior managing director with property manager Rose Associates

    Rents on nearly 600 vacant units at Stuyvesant Town and Peter Cooper Village are set to climb an average of $2,100 or more in the coming months, according to property manager Rose Associates, following the completion of an average renovation of $84,210 to each unit.

    The project, set to cost roughly $48 million, according to special servicer CWCapital, which took control of the property early last year, includes the renovation of the 570 apartments in a similarly modern style to former owner Tishman Speyer, which renovated many of the units when it bought the 110-building complex for $5.4 billion in 2006, according to Robert Scaglion, a senior managing director with Rose Associates.

    Scaglion said that despite the increases, which would bring rents roughly up to the market value of similar apartments, the units will remain rent-stabilized. Many of the units have rents of $900 a month, he noted, which would mean those rents would go up to roughly $3,000 a month. … [more]

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  • Rose Associates, a developer and manager of both residential and commercial real estate, has been tapped to serve as property manager for Mount Sinai Medical Center’s residential real estate holdings. The properties — including more than 1,700 apartments in various buildings across the Upper East Side — are used mostly as staff housing. The 2 million-square-foot portfolio is spread across 25 different buildings…. [more]

  • It’s no wonder hedge fund bigwig Bill Ackman put up such a fight for control of Stuyvesant Town and Peter Cooper Village: he thought he could squeeze a “$2 billion potential profit opportunity” out of a co-op conversion at the massive complex, he told attendees of the Bloomberg Link Hedge Funds 2010 Conference yesterday. Ackman’s Pershing Square Capital Management and joint venture partner Winthrop Realty put $45 million into their purchase of $300 million worth of defaulted junior debt on the property earlier this year and had attempted to foreclose. … [more]

  • Rose takes over as Stuy Town manager

    October 22, 2010 03:45PM

    Stuyvesant Town and Peter Cooper Village

    Rose Associates is taking over from Tishman Speyer as property manager at Stuyvesant Town and Peter Cooper Village prior to CWCapital Asset Management’s thrice-postponed foreclosure auction, the special servicer announced today. Rose, which has been consulting on the ownership transition for the 80-acre complex since February, was expected to begin its property management duties after the auction, at which CWCapital will presumably emerge as the new owner. Originally scheduled for Oct. 4, the auction was delayed today for the third time because CW, acting on behalf of the complex’s senior creditors, is reportedly in ongoing negotiations for a buyout of a group of junior debt holders led by Bill Ackman’s Pershing Square Capital Management. Rose had been the previous property manager at Stuyvesant Town before Tishman Speyer took over in 2006. TRD