The Real Deal New York

Developer Guterman tries ousting Brookfield, gets in on Stuy-Town bid

December 02, 2011 03:05PM

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.

In the letter, Gutterman alleged that Brookfield was just another “corporate behemoth that had been coveting ownership” of the property.

The tenant’s association previously attempted to buy the property in 2006, but Stuy-Town and Peter Cooper’s then-owner MetLife opted to sell the buildings to Tishman Speyer Properties and BlackRock Realty for $5.4 billion, it was previously reported. [Crain’s]

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