The Stuyvesant Town-Peter Cooper Village Tenants Association is working with Brookfield Asset Management to carry out a non-eviction condominium conversion at Stuyvesant Town and Peter Cooper Village. The partnership proposes a conversion plan 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.
When we heard about the possibility of hosting a meeting in our home, we thought it was an excellent way to have an in-depth discussion about the details of the plan with the TA and to learn more about what is known and unknown at this stage. This situation is rife for rumors, speculation, and misinformation. We wanted to get the facts
It’s human nature to want simple answers, but this conversion is very complicated. We came away from the meeting with the full picture of where things stand.
- Andrea Fagin and Warren Alexander
Brookfield approaches ownership with an eye towards 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.
I wanted to find out more about the conversion plan. I knew several of my neighbors had similar questions, so I decided to host a house meeting. It was great to have two members of the TA Board of Directors take the time to meet with us and answer our questions. They were extremely knowledgeable about the community and the process.
- Lisa Morrison
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?
“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 the future of Stuyvesant Town-Peter Cooper 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 could not 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 lived in Stuyvesant Town for over 20 years and feel fortunate to be a part of this community. I am pleased that the Tenants’ Association and Brookfield are working together to create a plan that will hopefully maintain this wonderful place to live for generations to come.”
- Michele Smalley
“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.”
NY Post reports an independent appraiser for CW Capital has valued the property at $3.2 billlion
Tentative settlement reached in historic Roberts case pending final court approval in April 2013
TA to communicate directly with bondholders who own debt on ST/PCV and other interested parties, after months of stalling and delays from CW Capital
Meredith Kane, partner in the Real Estate Department at Paul, Weiss, Rifkind, Wharton & Garrison LLP and advisor to the ST-PCV Tenants Association, shares her expertise in a recap of some of the questions asked most often about the conversion effort over the past months.
In recent months residents have opened their homes and gathered with neighbors to discuss the conversion plan with TA representatives
Independent JP Morgan report concludes that Tenants Association/Brookfield partnership is sound choice for the future of ST-PCV
The New York State Attorney General provides a helpful guide for tenants interested in learning more about the conversion process in New York
Efforts continue for residents of ST-PCV to take control of their future through a tenant-led condo conversion
The TA discusses the elements of a complex wide structural survey and establishing reserve funds for capital improvements
The TA discusses how conversion will impact residents’ ability to address quality of life concerns