Statement of Council Member Dan Garodnick on the Sale of CW Capital by Fortress Investment Group

There were reports Friday, June 8th that Fortress Investment Group sold a CW Capital entity to Walker & Dunlop Inc. for $220 million. Fortress and CW Capital are relevant to the 25,000 residents of Stuyvesant Town and Peter Cooper Village because a subsidary company, CW Capital Asset Management (CWAM), has served as the special servicer of the property since the default by Tishman Speyer in 2010. I want to clarify that Fortress did not sell the special servicer of Stuyvesant Town and Peter Cooper Village, but rather, another subsidiary company of a similar name. In short, the entity with whom we have been working over the past two years remains in place, and remains the same. We will continue to seek avenues to work with CW Capital Asset Management to advance the Tenant Association's conversion plan and to bring greater affordability and stability to the neighborhood. Council Member Dan Garodnick represents Stuyvesant Town and Peter Cooper Village, where he is a lifelong resident.