STUYVESANT TOWN-PETER COOPER VILLAGE
TENANTS ASSOCIATION
Alvin Doyle, President
Susan Steinberg, Vice President

Message Center 1-866-290-9036

ST/PCV Tenants Association Statement on Tishman Speyer Loan Default

The news that Tishman Speyer has defaulted on the $16 million mortgage payment due today, January 8th, is the sad, but inevitable result, of a predatory and speculative business plan designed to drive out long term tenants of a stable, middle-class community.  The default is the first step in what will likely be a long legal process.

Stuyvesant Town and Peter Cooper Village tenants are understandably concerned about what this means for the community.  Based on the information that is available to your Tenants Association, we believe that little, if anything, will change in the immediate future.  Rent should still be paid in the same way it always has been paid.  You should direct service and maintenance requests to the same telephone numbers or through the same web site as you have in the past.

However, we urge all tenants to join us in increasing vigilance with respect to maintenance and service and to report any gaps or lapses to us at our Message Center 1-(866)-290-9036) or through our website contact form <http://www.stpcvta.org/contact.htm>. 

 As always, the Tenants Association will work closely with our elected representatives to ensure that CW Capital, the special servicer to whom control is now transferred, maintains services and the condition of the property.

The legal processes that begin today may also present opportunities for the tenants of this community.  The Tenants Association, in concert with Council Member Dan Garodnick, Assembly Member Brian Kavanagh, State Senator Tom Duane,  Borough President Scott Stringer, and Congresswoman Carolyn Maloney – will ensure that the residents of this community have a seat at the table and that their voices are heard - loud and clear – in determining the future of our community.

Linked here is the letter sent to tenants on Wednesday by Council Member Garodnick.  It has even more significance now that default is a reality.

 

Al Doyle, President
Stuyvesant Town - Peter Cooper Village Tenants Association

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