It was the Stuyvesant Town tenants' partnership with Brookfield Properties?in the hope of making an offer to buy the complex and convert it to cheap condos?that made headlines this week, but hey, wasn't there a proposal for more affordable Stuy Town apartments floating around already? Indeed there was! And the author of that proposal, Guterman Westwood Partners, would like to remind Stuy Town tenants of that fact. The company sent around a letter to the complex's residents this morning, not-at-all-subtly reminding them of the Guterman proposal and why Guterman thinks?surprise, surprise?that it's the better option. An excerpt:
Per our proposal the cooperative corporation would become the actual borrower of approximately forty-five (45%) percent of the total sales' price to buy your apartments. As a result, the carrying costs (interest) for that portion of the purchase price, would be lower (dollar for dollar) by approximately two (2%) percent per year than if each of you had to qualify for much larger condominium mortgages. Therefore your monthly interest cost (including the cooperative portion of the total purchase price), would equal approximately sixteen (16%) percent less (dollar for dollar) than an equivalent individual condominium loan.
· Tenants Join With Brookfield for Another Bid on Stuy Town [Curbed]
· Stuyvesant Town coverage [Curbed]