Stuyvesant Town-Peter Cooper Village Tenants Association

In the race to foreclose between CW Capital and Pershing Square-Winthrop, the September 28th Appellate Court order enables CW Capital to proceed with the auction.  It is expected that CW will “credit bid” for the property and assume ownership. 

In an August 25th letter to tenant advisor, Moelis & Company, CW committed to working with the Tenants Association in achieving our stated goals of maximizing choice to either buy or continue renting in a non-eviction conversion of the property, to preserve long-term affordability, and to protect the current physical configuration of the property.

Commenting on the court decision, Tenants Association president Al Doyle said,.  “We look forward to working with CW Capital as we pursue our efforts to preserve affordability within our community.”

For a deeper understanding of foreclosure and subsequent events, check our website Frequently Asked Questions Regarding Foreclosure, Restructuring and Conversion posted on September 23, 2010.