The recent move by CWCapital to transfer a deed in lieu of foreclosure to the senior bondholders has resulted in legal action by certain junior bondholders of the default debt of Stuyvesant Town–Peter Cooper Village. Your Tenants Association will be following the lawsuit and will report significant developments as they occur.
Although the Tenants Association is not a party to the Roberts class action suit, we have received many questions about the recent distribution of settlement payments. We asked Wolf Haldenstein Adler Freeman & Herz, the attorneys representing the class, to provide a Q&A to respond to the issues you’ve raised. Further questions should be addressed to Michael Liskow at Wolf Haldenstein at (212) 545-4600.
Two major newspapers have just reported that Fannie Mae, Freddie Mac and the Mayor’s Office are taking steps to protect Stuyvesant Town-Peter Cooper Village affordability.
On Tuesday, June 3, 2014, CWCapital changed course. Instead of foreclosing on the mezzanine debt on June 13 as was expected, it executed a deed in lieu of foreclosure and is now the owner of the property. (Before this, CWCapital was managing the property on behalf of the mortgage holders.)
Office of Rent Administration has reviewed and updated many of its important Fact Sheets. Tenants are encouraged to read them and familiarize themselves with the changes. Tenants are better protected when they stay informed on the complexities of Rent Regulations.
If you’ve paid a late fee and not told us we what to hear from you.
The May rent statement is written in code. Here’s how to interpret it.
Despite relentlessly climbing rents and the continuing effects of the Great Recession, overleveraging (when the cost of borrowing is greater than the return on the asset) is not a thing of the past: it is present, healthy, and still a threat to tenants. Council Member Dan Garodnick has issued a report to address the matter and suggests some fixes.
The Stuyvesant Town–Peter Cooper Village Tenants Association and CWCapital agree to settle MCI claims rather than endure long-term legal and administrative processes.
If you have been puzzling over newspaper reports of a court battle for Stuyvesant Town and Peter Cooper Village, you are not alone. This review and analysis should help.
Explains the basic tenets any entity wishing to partner with the tenants must agree to.
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