Letters to the Editor, June 28

TA’s core goal is preserving affordability

To the Editor:

I am pleased that a recent independent analysis by JP Morgan confirms that the Tenants Association/Brookfield conversion plan is “the most likely outcome.”

The report validates that the best road to a more stable future for Stuyvesant Town and Peter Cooper is through the Tenants Association/Brookfield partnership and gives an added boost to our efforts.

As we have pledged since day one, any conversion plan that the Tenants Association will propose must satisfy our core goals: preserving affordability and returning stability to our community, giving tenants an opportunity to purchase their unit if they choose, protecting our open spaces from development, and improving maintenance and upkeep throughout ST/PCV.

The most recent appraisal of Stuyvesant Town-Peter Cooper Village, in September, 2011, was for $3 billion, which happens to be the value of the first mortgage. While JP Morgan speculated that under one model of a partial condo conversion the property could be valued at up to $4.4 billion, our bid does not need to be for that amount. In fact, as we have said repeatedly, we will only present a bid for a dollar amount that we believe will achieve the goals above.

While any credible bid will need to be one that makes sense for bondholders, we are committed to structuring a conversion plan so that it offers meaningful value to current tenants and preserves affordability for future generations of middle class New Yorkers.

Sincerely,

Al Doyle, President
ST/PCV Tenants Association 

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