Stuyvesant Town-Peter Cooper Village Tenants Association

In a decision Thursday, September 16, Justice Richard Lowe ruled against the Pershing Square-Winthrop Realty coalition in their race against CW Capital to foreclose on Stuyvesant Town and Peter Cooper Village.  PSW has announced it will appeal the decision.  At this time, CW Capital has set a foreclosure auction date of October 4.

“While this battle goes on, we will continue taking concrete steps toward securing a stable, affordable future for our community,” commented Al Doyle, president of the Stuyvesant Town/Peter Cooper Village Tenants Association.  “With the help of our advisors and the support of a united, determined tenant body, we will go on working to achieve a successful outcome for our community, whatever the ultimate resolution of this court case.”
“However it’s resolved, one thing is certain,” Doyle continued:  “The Association’s goals must be the foundation of any financial restructuring of this property.  When all the courtroom drama is done, any restructuring must conform to those core goals — a choice to continue as renters or to buy, preserving long-term affordability, protecting the open spaces from development, ensuring quality maintenance, and keeping the community united as a whole.  That is the overarching principle that we are united around – and so far, we have the attention of everyone interested in this property.”

We will continue to keep you updated as events occur.