Stuyvesant Town-Peter Cooper Village Tenants Association

Quick Facts:

Tishman Speyer and its partner, Black Rock Realty, have turned Stuy Town and Peter Cooper over to creditors.  In a statement quoted in the Monday, January 25th issue of The Wall Street Journal, they said:

“It has become clear to us through this process that the only viable alternative to bankruptcy would be to transfer control and operation of the property, in an orderly manner, to the lenders and their representatives.  We make this decision as we feel a battle over the property or a contested bankruptcy proceeding is not in the long-term interest of the property, its residents, our partnership or the city.”  The Journal’s translation of the statement is that the owners,  unable to reach a deal with lenders, decided to voluntarily give the property back to lenders to avoid a foreclosure proceeding.

Initial Response from the Tenants Association:

Tenants Association president Al Doyle issued this statement following the announcement:

The building of Stuyvesant Town and Peter Cooper Village in the 1940s stands out as an original and successful initiative that recognized then, as now, how crucial decent housing for the middle classes is for a viable city.  The complex was not intended or designed to be luxury housing and the recent attempts to convert it have been a stretch for the owner and residents alike.

“Although Tishman Speyer poured millions into adding superficial luxury trappings, they cut back on maintenance and security staff.  The primary concern of the Tenants Association right now is to ensure that the grounds and buildings are maintained and that tenants remain under full legal protection of their homes.”