When Tishman Speyer and its various partners and investors (including God!) purchased the largely rent-stabilized wonderland known as Stuyvesant Town & Peter Cooper Village for a record $5.4 billion in 2006, one of the bidders left out in the cold was the complex's very own Tenants Association. The STPCVTA bid $4.5 billion for the property and pledged to keep 40% of the apartments below market rates, but in the wake of Stuy Town's financial apocalypse, the TA has expressed relief that MetLife sold to the highest bidder. But! But but but! The Daily News reports that the TA might take a second crack at buying Stuy Town. Are they masochists or something?
The 11,000-apartment complex isn't officially for sale, and Tishman Speyer would probably rather sell to a group of zombie Nazis rich off stolen art than give in to the tenants that have so vigorously battled its every move. But a default and foreclosure could change all that! Association president Al Doyle tells the Daily News, "If we had the opportunity, I think we would. We'd like to try to control our community, if we can." This is still way way way in the pre-buzz stage?and it's unclear, in this age of frozen credit, who would financially back the Tenants Association?but let's see what happens with that lawsuit. That might push things along.
· Stuyvesant Town-Peter Cooper Village Tenants Association seeks second chance to buy building complex [NYDN]
· Stuyvesant Town coverage [Curbed]