Stuyvesant Town-Peter Cooper Village Tenants Association

CW Capital, the “special servicer” that represents the interests of the first mortgage lenders from the 2006 Tishman Speyer deal, announced on Tuesday, October 19th that they had finalized the purchase of the junior debt held by Pershing Square and Winthrop Realty.  The deal means that CW Capital has expanded options in how to take title to the property and restructure its debt.  CW Capital also postponed its planned foreclosure on the property, and has not scheduled another date.

While Tishman Speyer is still the owner, CW Capital is now in charge of operating the property and appointed Rose Associates as the Manager, effective at 5 PM on Friday, October 22nd.

Obviously, this change will prompt a number of questions among our neighbors, among them, the following:

Where do I pay my rent check?   If you haven’t already paid your October rent check, you should pay it as you ordinarily would.  You should continue to do so unless you receive a formal notice to the contrary.

What if I have maintenance requests?  Should you have maintenance needs, continue to call the Management Office at (212) 420-5000.  While Rose Associates is a “new” management company, they have been working on this transition for months.  We expect that the day-to-day operations will not change, but please let us know if you see any deterioration in service by calling (866) 290-9036.

What happens to my claims under Roberts v. Tishman Speyer?   Formerly market rate tenants continue to have live claims, despite the change. 

The Tenants Association is a powerful, unified organization, determined to achieve our priorities, including prices that are truly affordable.  We will work with CW toward that end.  If we continue to stand together, we will be successful. 
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