By Sabina Mollot
The company set up to manage Stuyvesant Town after it fell into receivership has closed.
CompassRock was originally founded by special servicer CWCapital in 2012 to manage multifamily properties around the country.
However, its two biggest jobs were at the 11,200-plus-unit Stuy Town, and at Riverton Houses in Harlem, where it managed 1,229 apartments.
In January this year, CompassRock lost its contract at Riverton when CWCapital sold the property to A&E. Then in April, the firm got the boot from Stuy Town when new owner Blackstone replaced it with its own subsidiary company, StuyTown Property Services.
CWCapital declined to comment on the current status of CompassRock, whose website has been down for months. Phone numbers listed for the company had no option to leave a message.
However, a source said that the company has indeed closed after losing its biggest property contracts. According to the insider, after losing Stuy Town and Riverton, CompassRock divvied up the remainder of its property contracts among other management firms. Among those properties was The Corner, a luxury rental on the Upper West Side, whose management has since been taken over by Pinnacle.
Another source from a property in the city where CompassRock had tried but ultimately failed to get a contract told T&V months ago he’d heard about employees looking to move elsewhere.
Meanwhile, Stuy Town’s former general manager, CompassRock CEO David Sorise’s LinkedIn page indicates he is with the Dermot Company, while CompassRock president David Woodward’s page says he’s still with CompassRock. An employee at Dermot said Sorise is not with the company, though it is where he worked prior to Stuy Town.
CompassRock’s days were probably numbered since the day Blackstone announced it would be buying Stuy Town. CWCapital’s management company, then a startup, had doubled its portfolio when it first took over the complex four year ago.