The tenants of Stuy Town have been busy with their own plans for the future of the apartment complex, partnering with Brookfield Properties on a proposal to convert some of the apartments into cheap condos. It's not surprising, after all of Stuy Town's recent ups and downs, that the tenants want to assert some control?but CWCapital Asset Management, the company that controls the complex, is refusing to listen. So say the tenants, anyway, in a letter the tenants' association sent out to Stuy Town residents today. So the tenants are skipping over CWCapital's role in the process, Bloomberg explains, and appealing directly to bondholders on the mortgage to sell the complex, already.
The holdup is still the rent-stabilization lawsuit first filed in 2007. Only after a settlement is negotiated and everyone knows how high legal rents at Stuy Town can go will it be possible to value and sell the complex. In other words, the situation is unlikely to be resolved before 2014.
· Stuyvesant Town Tenants to Appeal to Bondholders for Sale [Bloomberg]
· Stuy Town Hopefuls Take Conversion Battle to the Web [Curbed]
· Stuy Town coverage [Curbed]