Last year, a developer named Gerald Guterman pitched a plan to the Tenants Association to convert Stuyvesant Town/Peter Cooper Village to co-ops. Now that the TA has chosen to go with another suitor on a conversion plan, Guterman has sent out letters to every resident of the complex stressing why tenants should still be considering him as the conversion’s sponsor.
The letter says, in part:
“To the Residents of Stuyvesant Town/ Peter Cooper Village:
“Are you concerned about your home at Stuyvesant Town/Peter Cooper Village, as well as your own financial future?
“On November 30, 2011, to much fanfare, the Stuyvesant Town-Peter Cooper Village Tenants Association (the Association”) announced that it had entered into a “partnership” with Brookfield Asset Management (“Brookfield”) to acquire, and convey Stuyvesant Town/Peter Cooper Village to tenant ownership. Gutterman-Westwood Partners, LLC (“GWP”) and its affiliates, learned about the partnership from the Association’s announcemnents to the press, despite the fact that we have long offered the Association the opportunity to enter into a more tenant-beneficial partnership with us. Continue reading →
Barry Blattman, senior managing partner of Brookfield
On Wednesday, the Stuyvesant Town-Peter Cooper Village Tenants Association announced that it had formed a partnership with the firm Brookfield Asset Management in a plan to put together a bid to purchase ST/PCV and convert to condos or co-ops.
The bid attempt would be the second tenant-led one — the first was in 2006, though the Tenants Association, working alongside Council Member Dan Garodnick, ended up losing to Tishman Speyer — or winning, as they later looked at it.
So far, there has been no bid put together, so it’s not clear whether CW Capital will accept the offer, which was extended by the TA on Tuesday.
However, Garodnick, who hosted a press conference outside Stuyvesant Town, along with other local elected officials and reps from Brookfield, said it was understood that any offer would need to be “competitive.” Previously, legal and financial advisors for the TA had said an offer would need to be at least $3 billion in order to satisfy the bondholder trust CW Capital represents. Continue reading →
The Stuyvesant Town-Peter Cooper Village Tenants Association will be holding a meeting on December 3 to discuss a number of major issues, including MCIs, maintenance/quality of life issues and the TA’s progress in developing a plan to keep the community affordable. The meeting will be held on Saturday, December 3 at 1 p.m., at Mason Hall of Baruch College, Lexington Avenue and 23rd Street.
On hand to speak about a possible buy-or-rent conversion plan will be members of the Association’s legal team from Paul, Weiss, Rifkind Wharton & Garrison and its financial advisors from Moelis & Co., as well as City Council Member Dan Garodnick. Maintenance and other quality-of-life issues will be addressed by TA president Alvin Doyle.
Following a procedure introduced at its last meeting, the Association is advising pre-registration to avoid overflow problems in the 1,100-seat hall. All residents may pre-register, but priority for seats will be offered to TA members who are current in their dues. Residents can pre-register for the meeting online by visiting stpcvta.org/decembermeeting or calling (917) 338-7860.