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Stuy Town Hopefuls Take Conversion Battle to the Web

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The battle for the loyalties and nest eggs of Stuyvesant Town residents began late last year, when Guterman Westwood Partners and a partnership of the Stuy Town tenants' association with Brookfield Properties announced dueling plans to convert the complex to cheap for-sale apartments. The latest battleground: dueling websites from the two hopeful redevelopers. The Guterman website explains the differences between co-op and condo conversions with a clear slant in favor of co-op conversions?as it happens, just the sort of thing Guterman is proposing for Stuy Town. (Bonus: the photos remind us a bit of a medication commercial.) The Guterman site also lays out the main goals of its conversion plan: affordable apartments compared to current rents, financing and discounts for current tenants who opt to buy, and only limited restrictions on resales of the co-ops. And there's a brief rebuttal of the opposition: "We believe that a condominium conversion by its very nature will take more time and result in higher costs for tenants."
The site representing the partnership between the tenants' association and Brookfield Properties appears to have been around a bit longer. It, too, lays out a plan for the future of Stuy Town, with a slightly different focus. The partnership wants not only reasonably-priced apartments, but also the continuation of rental options for current rent-stabilized tenants and "permanently affordable rental units for the next generation of tenants." Early predictions about who will win the right to convert Stuy Town?
· STPCV Facts []
· ST PCV Tenants Association/Brookfield []
· Stuy Town coverage [Curbed]