Stuy Town creditor wants Tishman out of property manager role

January 22, 2010 03:28PM

Gramercy Capital, a Stuyvesant Town and Peter Cooper Village creditor, is pushing to remove Tishman Speyer Properties from its position as manager of the 80-acre property, which it bought with BlackRock Realty in 2006. Tishman and BlackRock had missed a $16.1 million debt payment earlier this month, which may have spurred Gramercy Capital to push for the replacement. The removal of Tishman as property manager would need to first be approved by CW Capital, special servicer for the senior portion of the debt. City Council member Daniel Garodnick said that any decision to change managers should take the comfort of the residents into account first. “If there is a change in management, we will want it to be seamless, without any disruption to tenants or reduction in service,” Garodnick said.


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