Is StuyTown foreclosure prelude to a sale?

CW Capital's move to take action on secondary loan worries residents

TRD New York /
May.May 13, 2014 03:20 PM

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


Related Articles

arrow_forward_ios
Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
Stuyvesant Town (Getty)

Layoffs at Blackstone’s Stuy Town management firm

Layoffs at Blackstone’s Stuy Town management firm
From left: Tishman Speyer CEO Rob Speyer, Fiorello LaGuardia and Robert Moses. Inset: Hiten Samtani and Charles Bagli (Getty Images, Wikipedia Commons)

Tuna fish sandwiches and billion-dollar deals: Charles Bagli on other people’s money and the next life of New York

Tuna fish sandwiches and billion-dollar deals: Charles Bagli on other people’s money and the next life of New York
Blackstone's Jonathan Gray and an aerial of Stuyvesant Town (Credit: (Photo by Drew Angerer/Getty Images; iStock)

Stuy Town tenants sue Blackstone to stop rent hikes

Stuy Town tenants sue Blackstone to stop rent hikes
Linda Rosenthal and Stuyvesant Town-Peter Cooper Village  (Credit: Brett Carlsen/Getty Images; Orjan F. Ellingvag/Corbis via Getty Images)

Pol seeks to punish landlords with “warehousing fee” for vacancies

Pol seeks to punish landlords with “warehousing fee” for vacancies
From left: Jonathan Gray and Steve Schwarzman with Stuyvesant Town

Behind Blackstone’s “capital strike”

Behind Blackstone’s “capital strike”
October Issue is Live

The Real Deal‘s October issue is now available to subscribers!

The Real Deal‘s October issue is now available to subscribers!
Blackstone CEO Stephen Schwarzman and Stuyvesant Town (Credit: Getty Images)

Authorities will conduct review of Stuy Town deal in light of Blackstone’s vacancy strategy

Authorities will conduct review of Stuy Town deal in light of Blackstone’s vacancy strategy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...