Stuyvesant Town-Peter Cooper Village Tenants Association

An order of foreclosure on Stuyvesant Town and Peter Cooper Village was issued yesterday, June 21st.

The immediate question that comes to the minds of residents is: “What does it mean to us?”  The answer is that it doesn’t change a thing.  Tishman Speyer is still the owner of the property and continues to manage it.

The property continues to be protected by rent-stabilization laws and the Federal Court decision does not affect the negotiations between lawyers for the J-51 plaintiffs and Tishman Speyer.  The Tenants Association is moving ahead toward our ultimate goal of controlling Stuyvesant Town and Peter Cooper Village and maintaining them as affordable community under a non-eviction conversion that would allow residents to buy their apartments or continue to rent.

A statement by Council Member Dan Garodnick on the foreclosure order follows:

Garodnick Statement on Order of Foreclosure in Stuyvesant Town and Peter Cooper Village

“The tenants of Stuyvesant Town and Peter Cooper Village want to avoid a prolonged legal battle over our homes, and the foreclosure judgment entered yesterday brings us one step closer to certainty. There needs to be a swift and clean process that sets this historic property on a secure footing into the future. The entry of a foreclosure judgment on CW Capital’s unopposed complaint was a natural and expected action, and one that is consistent with tenants’ interests. In the interim, we are moving forward with our own restructuring plan, and expect to work with CW Capital and other stakeholders to ensure the right outcome. Our goal remains the same—a conversion of the property to a non-eviction coop or condominium structure that maximizes choice for tenants to buy or continue renting, ensures long-term affordability, and protects the maintenance of this property—and we are actively putting together the plan to get us to those goals.”

Council Member Dan Garodnick represents Stuyvesant Town and Peter Cooper Village, where he is a life-long resident.

###