TA member recalls first conversation with Blackstone

The ST-PCV Tenants Association’s John Sheehy (pictured) and Blackstone’s AJ Argarwal have neighboring properties in the Hamptons.

By Sabina Mollot

John Sheehy, treasurer of the ST-PCV Tenants Association, recalls exactly the moment when he learned of The Blackstone Group’s interest in Stuyvesant Town.

Sheehy, who has a summer home in East Hampton, has a neighbor in Blackstone’s AJ Argarwal, a senior managing director in real estate. Though they didn’t know each other particularly well, one day they happened to see each other as Argarwal was pulling into his driveway with his wife and Sheehy asked Argarwal if he had any interest in Stuyvesant Town.

His response: “Of course,” recalled Sheehy. It wouldn’t be until a year later, though, when the two men actually met again on the subject of Stuyvesant Town.

This was when he’d arranged for Agarwal, whom he called “a pleasant fellow,” to meet with then-Council Member Dan Garodnick at his midtown office. This was in October 2014, and the Tenants Association still had hopes of going condo.

But CWCapital hadn’t yet shown any interest in that plan.

“CW was saying, ‘We’re not ready to sell, and what’s all this talk about selling?’”

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ST-PCV TA to partner with Brookfield on bid

By Sabina Mollot

and Heather Holland

Barry Blattman, senior managing partner of Brookfield

On Wednesday, the Stuyvesant Town-Peter Cooper Village Tenants Association announced that it had formed a partnership with the firm Brookfield Asset Management in a plan to put together a bid to purchase ST/PCV and convert to condos or co-ops.

The bid attempt would be the second tenant-led one — the first was in 2006, though the Tenants Association, working alongside Council Member Dan Garodnick, ended up losing to Tishman Speyer — or winning, as they later looked at it.

So far, there has been no bid put together, so it’s not clear whether CW Capital will accept the offer, which was extended by the TA on Tuesday.

However, Garodnick, who hosted a press conference outside Stuyvesant Town, along with other local elected officials and reps from Brookfield, said it was understood that any offer would need to be “competitive.” Previously, legal and financial advisors for the TA had said an offer would need to be at least $3 billion in order to satisfy the bondholder trust CW Capital represents. Continue reading