The Real Deal New York

Is StuyTown foreclosure prelude to a sale?

CW Capital's move to take action on secondary loan worries residents
May 13, 2014 03:20PM

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.

The complex last sold to a partnership of Tishman Speyer Properties and Black Rock for $5.4 billion in November 2006, but the duo later lost the property to lenders in 2010. Since then, Stuyvesant Town-Peter Cooper Village has been run by CW Capital, which represents a series of trusts holding a $3 billion first mortgage.

The company told the New York Times that foreclosure will have “no impact on our residents or on property operations,” but tenants and real estate experts say a sale is likely to attract many buyers — one who may look to get rid of long-term residents.

“Any plans for the future of the property must involve the tenants, who have become weary of being treated like an A.T.M. machine,” Daniel Garodnick, a city councilman who is also a lifelong resident of the complex, told the Times. “They deserve a seat at the table, and the outcome here must respect the history of the community as a home affordable to middle-class New Yorkers.” [NYT] — Julie Strickland

  • JB

    They deserve a seat at the table? Why? They only actually deserve to live in the apartment they rent. Nothing more, nothing less. Just like any other tenant in any other apartment. They don’t own their apartments (yet… which is what this is really about) and to the extent that they rent and not own, they have no say as to how or to whom the property is sold.

  • tenanent

    Maybe JB, but the last two owners made no secret of their penchant for evicting older tenants, even by flaunting the law, and then having to back peddle only after extensive, expensive, decade long, litigation. The only way this community remains true to the founding mission (affordable housing for the middle class) is a tenant owned non-eviction conversion. However, in todays hot market, it seem to me unlikely unless there is some government intervention. (mr Mayor??? are you there…here is your chance to keep THE main campaign promise you made to get elected.