Renovation to begin on 570 units at Stuy Town: Fitch

January 24, 2011 06:36PM

Financial rating firm Fitch Ratings said today the special servicer at Stuyvesant Town plans to begin the renovation of 570 vacant units at the sprawling complex on Manhattan’s East Side. (Click here to see story posted Jan. 25 for more details.) (note: clarification made)

CWCapital, the special servicer at the 11,227-apartment complex located on 80 acres, formally took control of the property in October. That same month it designated property manager Rose Associates as operator of the buildings, which are 95 percent leased.

Neither Fitch nor CWCapital immediately responded to provide further details on the plan.While the revenue from tenants only covers 60 percent of the monthly loan payments, the securitized loan balance per unit — $267,213 — is relatively low compared with other New York City multi-family properties, the report says.

Fitch downgraded 16 classes of bonds that were part of a pool of loans securitized in 2007 that included the $3 billion in first mortgage debt secured by Stuyvesant Town and Peter Cooper Village. TRD