One long, confusing, torturous chapter in the history of Stuyvesant Town is complete. Let the next one begin! CW Capital, which represents the holders of the $3 billion first mortgage on the foreclosed rental megacomplex, bought out the interests of last-second Stuy Town raiders Bill Ackman (of hedge fund Pershing Square Capital) and Winthrop Realty Trust. This means that CW Capital has taken full control of the property (foreclosure auction no longer needed!) and the expected co-op conversion can proceed.
Negotiations with Stuy Town/Peter Cooper Village tenants are expected to begin shortly, but as Charles Bagli notes in the Times, "That could start battles among the 25,000 tenants over whether the apartments should remain affordable or be allowed to trade openly on the real estate market." Guess some fists will fly at Stuy Town Woodstock! As for the tricky nature of figuring out the proper conversion path, City Councilman (and Peter Cooper resident) Dan Garodnick said, "We'll engage with CW Capital and try and mix that cocktail." After the last four years, we think everyone could use a drink.
· Stuyvesant Town’s Lenders Take Over Property [NYT]