For Immediate Release

Stuyvesant Town / Peter Cooper Village Tenants Association
Steps Up Organizing Drive in Preparation for Tenant Bid

The Stuyvesant Town / Peter Cooper Village Tenants Association, which last week informed CW Capital that it is actively pursing a tenant-sponsored restructuring plan, is backing that effort with a massive organizing drive to demonstrate that the tenants are united in that goal.

The Tenants Association has mobilized a network of volunteers to reach all 11,232 apartments with unity pledges for residents to sign.

“Being organized will be a key to victory — and we are already well on our way,” said Al Doyle, president of the Tenants Association. “As we have said all along, it is critical for the tenants to speak with one voice. Our position at the bargaining table is much stronger when we have our 25,000 residents united behind us.”

While not legally binding, the pledges formally designate the Association to negotiate on tenants’ behalf; to express support for a plan that gives people an option to buy or continue to rent their apartment, keeps the community affordable, and preserves open space and quality of maintenance; and promises that, prior to making any agreement to purchase their apartment, tenants will first give the Tenants Association the opportunity to present a plan for their consideration.

Volunteers in all 110 buildings will be distributing and collecting signed pledges on an ongoing basis to illustrate the unity among residents.

Last week, Doyle sent a letter to Charles Spetka, CEO of CW Capital, the special servicer currently in control of the property, to tell him, “The Tenants Association expects to play a constructive and key role in the restructuring of Stuyvesant Town and Peter Cooper Village.”

A restructuring could take several different forms, including allowing tenants to purchase their individual apartments while letting others remain renters and protected under rent stabilization laws. The Tenants Association is planning a meeting for Saturday, March 13 to give tenants additional details about how these plans could be structured.

“We will be communicating with our neighbors every step of the way to make sure that whatever we propose reflects the will of this community,” Doyle said.
Council Member Dan Garodnick said of the unity effort: “The tenants have an opportunity to take control of their own destiny — and to be successful, we need everyone’s active participation. Everyone in real estate and finance is watching. This is our chance to stand up and fight for the future of our homes.”