The tenants of the two mega complexes Stuyvesant Town and Peter Cooper Village were not taken note of when these units were sold last. But today two lending parties are fighting in court for control of the sibling complexes located in Manhattan (East). Both parties are wooing the 25,000 occupants.
The tussle is over control of the complexes. The hearing in Manhattan State Supreme Court remained hanging over interpretation of creditor agreement. Judge Richard B. Lowe III said that the ruling would soon be given. It is certain that the decision would be appealed against according to lawyers and experts dealing with real estate.
Meanwhile the two lending factions – Winthrop Realty Trust together with Pershing Square Capital and CW Capital contend that the interests of the tenants are their top priority. The two groups of lenders also contend that they are willing to create an affordable cooperative that will include all the 11,226 apartments located in 110 buildings on the eastern side of First Avenue between 23rd Street and 14th Street.
Ryan Toohey made a statement following the hearing on behalf of both Pershing as well as Winthrop said, “We look forward, as we always have, to a positive resolution that allows us to move forward with our plans to bring affordability, stability and ownership opportunities to the residents of Stuyvesant Town and Peter Cooper Village”.
The leaders of the tenants group are happy with the way they are being wooed by both sides although they remain skeptical as to the connotation of the word ‘affordable’ – whether it meant the same to the lenders as it did to them. The president of the tenant association Alvin Doyle said that it was good to be wooed and courted.
Daniel R. Garodnick, city councilman who resides in Peter Cooper Village warned in a communication to Pershing Square that the tenants would support a suggestion that would place house ownership within their reach and permitted the present tenants who were under rent regulation to remain where they are. He elaborated that the tenants would give opposition to any plan to an oversized mortgage loan that would lead to financial pressures be placed on the landlord compelling them to exit the present rent-regulated renters. He wrote, “It is of the utmost importance that this property remains accessible to New Yorkers of moderate means who aspire to live there in the future”.
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