Thursday, October 02, 2014

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Stuy-Town Foreclosure Plan Has Some Tenants on Edge

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Some residents of Manhattan's largest apartment complex are voicing concern about the property's future.

CW Capital, the managers of Stuyvesant Town-Peter Cooper Village, say they plan to foreclose on a secondary loan and formally take ownership of the complex, which runs between 14th and 23rd streets.

That means the company could potentially put the East Village property up for sale.

CW Capital says the foreclosure will not impact tenants in more than 11,000 apartments. But people who live in rent-stabilized units say they are worried about what a sale could mean for them.

"All you see is new towers going up everywhere, so where's the money coming from? I mean, I know we can't afford anything in a new tower. The rents are like five-thousand, six-thousand or more a month," said one Stuy-Town tenant.

City Councilman Daniel Garodnick has lived in the complex his whole life. He says any plans for the property must include the tenants.

"We have seen that movie before. We don't want to go through that again, and that's why there's so much concern and so much advocacy on behalf of the tenants here today," he said.

Garodnick says he is confident the mayor and the City Council will be able to work with CW Capital on an agreement to protect the tenants. One idea that has a lot of support from the tenants is giving them the option to buy their apartments.

"It would be a great option. It would be amazing. Yeah, it would be the best case scenario," said Erin Tracey, a 25-year resident of of the complex.

Long-term residents of Stuyvesant Town-Peter Cooper Village faced this kind of situation nearly a decade ago.

That's when former owners Tishman-Speyer attempted to force out rent-stabilized tenants and raise apartment prices.

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