There's been talk of a tenant-owned Stuyvesant Town for more than a year now, ever since the complex's Tenants Association asked all residents to sign a pledge permitting the TA to negotiate a deal for the property. Now for some action! The Tenants Association and Brookfield Asset Management have partnered to potentially make an offer to buy the complex from its latest overlord.
So what would a utopian, tenant-owned Stuy Town actually look like? It's not quite clear, though the tenants association will be taking recommendations at a public meeting this weekend. Sources who've been involved in the process so far tell the Times that around 10 percent of the apartments would still be rentals, and residents who buy could choose to purchase cheaply (maybe those $290/square foot apartments aren't a pipe dream) with restrictions on resales or at something closer to market rate with fewer rules about reselling. Of course, the rent overcharge debate will probably need to be resolved before another property transfer can happen. Onward!
· Tenants Trying Again to Buy Stuyvesant Town and Peter Cooper Village [NYT]
· Stuy Town coverage [Curbed]