Stuyvesant Town-Peter Cooper Village Tenants Association Knowledgebase

FREQUENTLY ASKED QUESTIONS What is the Tenants Association proposing? We are proposing a non-eviction condominium conversion plan that will give Stuyvesant Town and Peter Cooper Village residents the opportunity to buy their apartments at a reasonable price, while also allowing...

What is a cooperative? What is a condominium? What form of governance exists under each structure? Are coop board rules always more burdensome and intrusive than condo board rules?  Is there a way to have a coop without such burdensome rules?  What are the relative benefits or...

What is meant by a foreclosure? What is meant by the term "acceleration" of the mortgage? What is meant by "restructuring the debt" on the property?   Will essential services continue at Stuyvesant Town/Peter Cooper Village under the new owner? What role will the Association play in...

QUESTION:  If there is a conversion, will the Tenants Association continue to advocate for rent stabilization and other tenant issues? ANSWER:   Of course. The Tenants Association will remain a strong voice for all residents who choose to remain as renters, protected by New York State...

QUESTION:  Why don’t the Tenants Association and Brookfield let us know what the cost per square foot for apartments will be in their conversion plan? ANSWER:  The short answer is that we cannot determine purchase prices for apartments until the purchase price of the entire property...

QUESTION:  Why can’t we simply remain a completely rental property, as we have been for the past 65 plus years? ANSWER:  The short answer is arithmetic.  Even if a landlord is willing to simply break even on a property that is entirely rental, income from rents must cover...

QUESTION:  If the plan to convert our community to condo being developed by Stuyvesant Town and Peter Cooper Village tenants and Brookfield Asset Management succeeds, will I be able to continue to live here as a renter? ANSWER:  Absolutely! The plan now being developed with Brookfield...

QUESTION:   The Stuyvesant Town and Peter Cooper Village buildings are nearing their 65th Anniversary.  If I want to purchase my apartment, how will I determine the structural soundness of my building and the condition of such things as plumbing and electrical connections?  How can...

QUESTION:   I don’t understand the difference between a condominium and a cooperative. The Tenants Association and Brookfield Asset Management are proposing a condo conversion but I’ve heard from others that a coop might work better.  Which is better? ANSWER:   In the...