Stuyvesant Town-Peter Cooper Village Tenants Association

CW Capital, the Special Servicer for the first mortgage on the property, has committed itself to exploring ways to achieve the Tenants Association’s goals for the future of their homes.  In a letter to Moelis & Company, the TA’s restructuring advisors, CW restated those goals as:

• Maximizing choice and opportunity for residents to elect either cooperative or condominium ownership of their apartments, or to remain as renters under the same protections afforded by existing rent stabilization laws;
• Preserving the long-term affordability of the property and its diverse population and income levels for current and future generations of New Yorkers;
• Establishing a stable and viable long-term ownership and capitalization structure for the property;
• Protecting the current physical configuration of the Property, including the existing buildings and open spaces, and the operation of the Property as a unified complex; and
• Promoting community cohesion among the residents of the property.

Association president Al Doyle says that CW’s cooperation with the tenants is important. “The tenants are not going away — our goals have to be satisfied in order for any plan to work.  Getting CW Capital to recognize that is a serious step forward,” Doyle said. “Our Board of Directors has been working closely with our advisors over the summer on developing our own restructuring plan.  CW Capital’s letter supporting our goals helps get us closer.”

CW Capital also proposes regular communication with the Association and its advisors, and to developing a mutually acceptable process for sharing information going forward.  Noting the enormous complexities involved in this process, CW stated that they are committed to the smoothest possible transition for the ST/PCV community.

Doyle thanked City Council Member Dan Garodnick for his leadership in bringing about the commitment from CW Capital so the Association can continue in pursuit of its primary goal — to advance the interests of the community’s residents.