Stuyvesant Town-Peter Cooper Village Tenants Association

After hearing arguments Thursday, September 2, on whether or not to issue an injunction on the foreclosure of ST/PCV, State Supreme Court Judge Richard Lowe said that he will take the matter under advisement and announce a decision “soon.”  Tenants Association board members who were present at the hearing interpret that to mean within two weeks.

The judge heard arguments by both sides in CW Capital’s effort to win an injunction blocking the planned auction of the property by Ackman’s Pershing Square Capital Management LP and Winthrop Realty Trust originally scheduled for September 8th.  The decision, basically, will determine whether CW Capital or Pershing Square Capital Management and Winthrop Realty Trust will control our community.  However, CW was not barred from “noticing” their intent to foreclose (providing 30 days notice as required under federal law) and may do so as soon as tomorrow, September 3.

Whatever the outcome, the Tenants Association remains firm in its objectives:  to maintain Stuyvesant Town and Peter Cooper Village as an affordable community into the future, to make it possible for residents to either buy or to remain as renters, to preserve our open spaces, ensure a high level of maintenance, and ensure a stable future, and to preserve the integrity of the property.