CWCapital to market ST for sale soon: report

ST-PCV Tenants Association Chair Susan Steinberg, pictured at a a rally against mid-lease rent increases in May (Photo by Sabina Mollot)

ST-PCV Tenants Association Chair Susan Steinberg, pictured at a a rally against mid-lease rent increases in May (Photo by Sabina Mollot)

By Sabina Mollot

CWCapital is expect to market Stuyvesant Town/Peter Cooper Village in the middle of this year, according to a report on Globest.com. However, the article goes on to say a sale is not expected to be completed in 2014.

CWCapital did not respond to a request for comment on the story, and has not spoken about the possibility of a sale for some time, explaining to the ST-PCV Tenants Association, a would-be buyer with partner Brookfield Asset Management, that talks could not happen until the resolution of “Roberts v. Tishman Speyer.” That could happen soon though, since according to the “Roberts” attorney for tenants, Alex Schmidt, checks for rent overpayments as a result of the class action lawsuit, could be headed tenants’ way from CW in January or February. Payments from former owner Met Life were sent out to affected tenants in late December.

However, the company could also be waiting to resolve the ongoing negotiations over five major capital improvement (MCI) rent increases with the Tenants Association. The TA said this week that talks were still ongoing over the MCIs, which were charged on tenants’ rent bills this month after being approved late last year by the state housing agency.

Meanwhile, Susan Steinberg, chair of the Tenants Association, said on Wednesday that the fact that CW could be marketing the property for a sale soon was not a new development.

“We had seen this statement in a similar report several months ago, so this does not come as a surprise,” she said. “CW doesn’t have to go far to ‘start marketing the asset,’ since all along the TA/Brookfield partnership has been ready, willing and able to start the conversation about a tenant-led purchase that would satisfy the bondholders. We would like to think such a conversation will happen before too long.”

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One thought on “CWCapital to market ST for sale soon: report

  1. It’s about time that something is said about a conversion. Lots of tenants have been holding on to see if the conversion benefits them or not. Hopefully the information will come out soon and those tenants can decide that they are definitely staying and purchasing or they can start looking for other permanent housing. Thank you Tenants Association. Your work for STPVC has been outstanding.

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