Veteran landlord/developer Gerald Guterman announced his intention to make a play for ownership of Stuyvesant Town/Peter Cooper Village and work with the tenants' association on an affordable co-op conversion plan. We didn't know he had gone into such detail about that plan with Reuters. Guterman believes that at least 8,500 of the 11,227 apartments in the two East Side complexes will be bought by tenants "if we have priced it correctly and provide the proper financing." Even longtime rent-stabilized Stuy Towners might not be able to complain about this insider pricing:
The Condo Recovery plan would price the apartments at an average of what rent-stabilized tenants pay as their monthly rent, or about $290 per square foot, Guterman said. They would also guarantee a mortgage of 85 percent of the cost.Ever think you'd hear "$290 per square" in Manhattan, no matter the location, ever again? BrickUnderground's new columnist CompsQueen breaks down the numbers on a couple of units. Using Guterman's proposal, an 850sqft one-bedroom in Peter Cooper Village renting for $3,731 per month could be had by a tenant for $246,000. Jackpot?
· Condo conversion veteran eyes NY apartment complex [Reuters]
· WINDFALL!! A look at StuyTown's proposed insider prices [Brick Underground]
· All Stuyvesant Town Coverage [Curbed]