May 2012

Many tenants eager to see the TA-Brookfield condo conversion plan underway have inquired as to the status of our efforts.

We are continuing to work diligently with Brookfield to develop a plan to successfully acquire the property and execute a non-eviction condo conversion plan.

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Brookfield’s approach to ownership is with an eye to the long term. We want the quality of life and the building and ground conditions of Stuyvesant Town-Peter Cooper Village to appeal to conscientious, stable tenants. We believe that aggressively marketing to students and encouraging dormitory like living conditions are inconsistent with that goal. Our partners in the Tenants Association have made it very clear that this is a priority issue for them, and we agree.

As part of the ongoing efforts of the Tenants Association to provide information and answer resident questions about the developing plan to bid with Brookfield on the property, the TA offers in depth answers to frequently asked questions in a regular series in Town & Village called “Focus on Conversion”.  One frequently asked question addressed in the column: Why don’t the Tenants Association and Brookfield let us know what the cost per square foot for apartments will be in their conversion plan?

On Nov 30, 2011 the Stuyvesant Town-Peter Cooper Village Tenants Association announced its intention to work with Brookfield Asset Management to put together a bid to buy Stuyvesant Town and Peter Cooper Village. This partnership will spend the coming months putting together and submitting a conversion proposal that will give residents the opportunity to buy their apartments at a reasonable price, while also allowing rent-stabilized tenants to continue renting without fear of harassment should they decide not to buy.

“As a 50-year resident, I am relieved to know that the Tenants Association has chosen as its partner Brookfield Asset Management — a solid, highly-respected firm whose goals for Stuyvesant Town-Peter Cooper’s future are aligned with our own. During recent years, I have seen how quickly uncaring owners, eyes only on the bottom line, have been able to diminish the quality and character of our community.  To me, our future — and my own — now look a lot brighter.”

- Soni Holman Fink

“I couldn’t be happier with the ST-PCV Tenants Association and their efforts to partner with Brookfield to bid on the complex. Whether I ultimately choose to rent or buy, I will continue to live securely in my favorite place in the world; Stuyvesant Town.”

- Ute Davenport

“I have been part of this neighborhood since I was a teenager and have lived in Stuyvesant Town for the last 14 years. I plan to live here for many years to come and am excited that the ST-PCV community is coming together along with Brookfield Asset Management with the hopes of investing in and protecting our most important asset – our community. I believe we can make this an exciting reality with the help of the Tenants Association and Brookfield.”

-Ana Lombardo