When hedge-funder Bill Ackman recently picked up the mezzanine debt on rent-stabilized behemoth Stuyvesant Town and sibling Peter Cooper Village, he placed himself on Team Tenant with the announcement that he thinks the complex should undergo a non-eviction co-op conversion. While the court ponders the Stuy Town foreclosure/ownership question, Ackman's Pershing Square Capital Management and Winthrop Realty Trust have made a bid for the tenants' support. The investment partners sent the Tenants Association a letter yesterday announcing their intentions, the Times' Charles Bagli reports. What they're offering the tenants: up to 50 percent ownership in the complex, the ability to set apartment prices when the conversion happens, and veto power over future "major decisions" at Stuy Town. Looks like somebody read that Unity Pledge! Does this mean the tenants have a shot at their $200-250K apartments after all?
· Proposal for Stuyvesant Town to Become a Co-op [NYT]
· Stuy Town coverage [Curbed]