Rose Associates to manage Stuy Town
As Tishman Speyer prepares for a not-so-graceful exit from its Stuyvesant Town and Peter Cooper Village complex, Rose Associates has been appointed property manager for the transition period. Rose Associates had managed the complex for about four years back when it was rent-regulated and owned by MetLife, the company that sold it to a Tishman Speyer-led partnership for a whopping in $5.4 billion in 2006. Tishman Speyer announced last month that it would hand over the keys to Stuyvesant Town’s 110 buildings to creditors after missing a $16.1 million debt payment. Special servicer CW Capital Asset Management, which is now readying to take control of the property, announced in a joint statement with Tishman Speyer today that Rose Associates will work together with Tishman Speyer on a management transition plan. Who will pay the estimated $100 million transfer tax, however, is still up in the air. Though the fee is usually the responsibility of the party relinquishing control, the Tishman Speyer parternship has yet to step up to the plate.