Guterman: Tenants should organize and demand conversion

By Sabina Mollot

Gerald Guterman, the landlord and developer who’s previously expressed an interest in bidding on Stuyvesant Town and converting the place to a co-op, said this week that he is no longer interested in buying although he would like to participate as a consultant in a tenant-led effort to do so.

In a written statement he sent to Town & Village on Tuesday, Guterman said: “I do not believe that I will participate in any auction sale for STPCV. I would rather be helpful to an organized and laser focused tenant association. I can already feel the excitement and lifecycle satisfaction.”

Though CWCapital never agreed to discuss business with him, and the Tenants Association ultimately chose a different partner in its own effort to bid, Guterman still pitched his co-op plan to tenants, which he said would have cost them, on average, $315 a square foot for their apartments. However, those numbers were based on a winning bid of slightly over $3 billion. Following the recent news that CW was foreclosing and its own parent company Fortress was preparing a bid of $4.7 billion, Guterman told T&V he was no longer sure he was still interested in buying.

At this time, CWCapital is still in talks with the mayor’s office and local elected officials, working with the ST-PCV Tenants Association on a plan that would maintain affordability for apartments in the complex that are still in fact affordable.

CWCapital declined to comment on Guterman’s statements, which were aimed at urging tenants to organize and even take legal action to demand a conversion and other changes in the community. The Tenants Association also declined to comment.

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