This project is a joint effort of the Stuyvesant Town-Peter Cooper Village Tenants Association and Brookfield Asset Management.

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. In addition, our plan would:

• Preserve open space and protect our community from new development
• Improve maintenance and upkeep across Stuyvesant Town and Peter Cooper Village
• Explore avenues for public support with the ultimate goal of establishing a set of permanently affordable rental units for the next generation of tenants

The Tenants Association was founded in the fall of 1971 for the purpose of promoting the interests of the tenant body as a whole. Since that time, it has been the leading voice for the tenants of Stuyvesant Town and Peter Cooper Village:

• defending the rights of rent stabilized tenants
• challenging and demanding transparency on Major Capital Improvements
• leading groups to Albany to advocate for stronger laws to protect tenants
• supporting the rights of former market-rate tenants in the Roberts v. Tishman Speyer litigation
• standing up for quality of life interests on the property, including better maintenance

The TA also led an unprecedented bid to buy the property in 2006, in competition with some of the most powerful real estate interests in the world. While it was not the winning bid, it convinced us that sitting back and watching the future unfold was not an option for us. Further, it emboldened other housing groups in New York City to take action in support of their own homes.

When Tishman Speyer bought the property, they immediately set forth to try to convert as many rent-stabilized apartments to the market rate as quickly as possible. The result was a culture of fear and conflict on the property, and the TA stood strong in defense of the many legal tenants whose tenancies were improperly being challenged. After Tishman Speyer’s default, the TA brought on professional advisors to take matters into its own hands, and to assist in preparing another bid.

In that vein, the TA articulated the following goals:

1. Long-term Affordability

We welcome scenarios which create long-term affordability on the property, either through a model of home ownership and/or permanent rent protections.

2. Adequate Maintenance

The lack of funds for maintenance can cause deteriorating conditions in a community. The tenants of Stuyvesant Town and Peter Cooper Village wish to avoid a reduction of service by ensuring that adequate funds are set aside for the purpose of maintenance. We will want to see a clear plan for achieving day-to-day maintenance, as well as a 5 – 10 year plan for all operational needs.

3. Protect the Historic Configuration of the Property

There are efforts underway to secure landmark status for Stuyvesant Town and Peter Cooper Village. Tenants will oppose efforts to develop on open spaces. We believe that the historic configuration of the property should be protected.

4. Unification of the Property

Stuyvesant Town and Peter Cooper Village were built for veterans returning from World War II. Its buildings are the iconic post-war development for middle-income families who wanted to build a life in New York City. We believe that there should be no legal distinctions made between Peter Cooper and Stuyvesant Town. They are, together, one community, and should stay that way.

In short, the Tenants Association wants to work to preserve this community as stable, affordable housing, with adequate maintenance and robust open spaces, where people at the middle of the income spectrum can live and raise a family in peace and safety.

Brookfield Asset Management Inc. is a global alternative asset manager with approximately $150 billion in assets under management. The company has more than a 100-year history of owning and operating assets with a focus on real estate, infrastructure, power and private equity.

Brookfield is currently one of the largest US apartment managers, has extensive expertise in executing complicated transactions, and is one of New York’s largest and most respected landlords.