ST-PCV Tenants Association still in, despite reported Fortress bid

ST-PCV Tenants Association President John Marsh speaking at a Tenants Association meeting on Saturday, with Assemblyman Brian Kavanagh, Comptroller Scott Stringer, State Senator Brad Hoylman and Council Member Dan Garodnick (Photo by Sabina Mollot)

ST-PCV Tenants Association President John Marsh speaking at a Tenants Association meeting on Saturday, with Assemblyman Brian Kavanagh, Comptroller Scott Stringer, State Senator Brad Hoylman and Council Member Dan Garodnick (Photo by Sabina Mollot)

On Thursday morning, the Stuyvesant Town-Peter Cooper Village Tenants Association announced that it was still interested in buying, and hoped that now that foreclosure proceedings have begun, CWCapital would be ready to talk business.
In an email sent out to neighbors (also available online) Tenants Association President John Marsh said, “We want to make certain that the young families just now trying to put down roots here, can carry on that tradition and that no tenant will ever again be at the mercy of a predatory landlord. The TA-Brookfield plan would deliver full recovery to the primary bondholders. Now that CW can no longer claim the place is not for sale, we hope they will take our offer seriously.”
CWCapital has so far kept its tradition of not saying anything about selling the place, other than a brief statement on Tuesday to announce the foreclosure on the property’s mezzanine debt and a sale scheduled for June 13.
Marsh also said in the email, “CWCapital will become the owner of the property on June 13, at least temporarily. Subsequently, they could hold an auction similar to what we saw in 2006, when Tishman Speyer bought the property.”
A report by Businessweek has said CW parent company Fortress was preparing a bid of $4.7 billion.
While he was running for mayor, Bill de Blasio promised he would keep ST/PCV affordable. Council Member Dan Garodnick has said he learned that a tenant-led bid would have the support of the city’s housing commissioner, Vicki Been, and the deputy mayor for economic development, Alicia Glen. In an official statement, Glen said, “Stuy Town and Peter Cooper Village are critical bulwarks of affordability for middle class families. Our housing plan emphasizes preservation, and with so many affordable units at risk in these developments, the stakes are too high to be hands-off. We are in active discussions with the lenders, Councilman Dan Garodnick and tenants in the hopes of reaching a joint approach.”


5 thoughts on “ST-PCV Tenants Association still in, despite reported Fortress bid

  1. Perhaps those tenants that are interested in purchasing should send Mayor de Blasio’s office a post card reminding him of his promise to help keep STPVC affordable.

  2. Mayor DeBlasio has already started to enact many policies to preserve and create affordable housing. The question is whether it is too late for StuyTown/PCV since many of the apartments have already been deregulated or soon will be. Once Stuy Town fell into the hands of Tishman Speyer and then CW Capital, it became inevitable that the property would be milked for cash, making it even less affordable than it is now.

    Mayor DeBlasio’s main leverage may be in zoning, to ensure no new luxury towers go up on the Oval and other open spaces, or through incentives to make sure a condo conversion is fair to existing tenants. But the days of true affordability for working and middle class tenants is over, at least that seems to be the case for ST/PCV.

    The sad lack of tenant participation after the last mid-lease rent hike, then the ongoing MCI increases all point in the same direction, which is that eventually all of Stuy Town will be market rate, whether in rental or condo form. Had we had a Mayor who stood up for middle class affordable housing over the last 12 years, and not one that focussed on super-luxury condos for Russian billionaires, perhaps the situation would be different now. But affordability in Stuy Town is circling the drain and ST/PCV is unfortunately going down with it.

    There is not very much that the Mayor can do now for Stuy Town now that the damage has already been done. Instead, Mayor DeBlasio needs to focus on preserving Mitchell-Lama housing which is one of the best programs for affordable housing, and on getting developers to allocate more apartments in new developments, and luckily these are things he is already starting to do.

    • I believe that Mayor DeBlasio can do something and that is to stand strong by ST/PCV and its tenants to make sure that this development does not circle the drain. To make sure that it is a prime example of a development that will continue to be affordable wether it be to existing tenants or to condo owners. This has to happen

    • YEs. But much of the city voted for Mr. Bloomberg, twice. They still love him. .. … Talk to the people , the residents here. You’ll get your information on who lives here now.

      • Bloomberg bought his illegal third term with the help of Quinn and the despicable council members who voted to overturn term limits. He outspent his rival to a degree that, unfortunately, many people thought it was a “given” that he would win and, therefore, didn’t even bother to turn out to vote. In a democracy where a billionaire couldn’t buy everything and everyone he wanted, this wouldn’t have happened.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.