Tenants Association Pushes Maintenance Issues With Rose Associates
The Board of Directors of the Stuyvesant Town-Peter Cooper Village Tenants Association met with top executives of CW Capital and Rose Associates on Tuesday, November 9 for the first time since the special servicer took full control of the property. The meeting was held in the offices of the Tenants Association’s financial adviser, Moelis & Company, and included a representative of CW Capital, and a team from property manager Rose Associates, headed by co-president Adam Rose.
The first meeting was intended to focus on maintenance issues and to set the terms for upcoming discussions about a future restructuring plan. The Board members laid out an array of quality-of-life issues it wants Rose to confront quickly, including deterioration of building and ground maintenance, plumbing, absence of visible security forces, constantly broken laundry machines, uncontrolled noisy parties, and other matters frequently raised by residents. Rose and CW Capital pledged to work directly with the Tenants Association to address these issues.
Tenants Association President Al Doyle said: “We believe that working together and by recognizing each other’s responsibilities and needs we should forge a strong partnership.” He added: “While this transition is a very large and important task for CW, for us — the residents — the stakes are even greater. These buildings, grounds and spaces are our homes. This is our universe. We look forward to building its future — not passively and responsively, but actively and in partnership with CW Capital.”
CW Capital advised the TA that over 500 vacant apartments in Stuy Town and Peter Cooper would be renovated, and put back on the rental market. At the TA’s urging, Rose pledged to try to inform neighbors when an apartment is being renovated so they can better cope with the associated noise and vibrations.
The TA and CW agreed to meet again to address the broader restructuring issues.