City buys a little more time for Stuy Town tenants

Administration, CWCapital to extend negotiations over fate of non-market rate units
August 11, 2014 12:52PM

Fearing the potential loss of 6,000 apartments for middle-class tenants at Stuyvesant Town-Peter Cooper Village, the de Blasio administration has reached an agreement to extend talks with the complexes property creditors.

In June, CWCapital Asset Management, which represents the creditors in control of Stuy Town, agreed to spend 60 days looking for a solution that would preserve the affordability of the complex. Now, the firm has struck a deal with the city to continue the discussion for the foreseeable future, according to Capital New York.

“We’ve had productive conversations with CWCapital about protecting affordability at Stuytown and Peter Cooper Village,” Wiley Norvell, a spokesman for Mayor Bill de Blasio, said in a statement to Capital. “And all parties have agreed it’s in the best interests of the city, the tenants and CWCapital to continue those talks in the months ahead before any action is taken.”

The complex covers 80 acres of buildings, composing 11,000 apartments that house tens of thousands of middle-class New Yorkers. However, CWCapital is moving toward selling the property. The property is expected to sell for around $5 billion and the city is working to ensure that any deal includes a commitment to preserving affordable housing. [CNY] – Christopher Cameron