CompassRock closes up shop

CompassRock CEO David Sorise

CompassRock CEO David Sorise

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.

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