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Real Estate

Stuy Town tenants to rally Friday amid sale of complex

Stuyvesant Town apartment complex in Manhattan has rent-stabilized

Stuyvesant Town apartment complex in Manhattan has rent-stabilized dwellings Photo Credit: Getty

Stuyvesant Town-Peter Cooper Village residents are planning a rally Friday to keep the Manhattan housing complex affordable for tenants there now and in the future as it faces its second sale in less than a decade.

Councilman Dan Garodnick, whose district covers the complex, said he wants tenants to avoid a repeat of 2006 when owners Tishman Speyer and BlackRock Realty had an "overblown" and "overleveraged" deal to buy the property from its longtime owner MetLife and turn rent-regulated apartments to market-rate units. He will join tenants and other elected officials at the rally on the steps of City Hall at 10 a.m.

"We want to ensure that this time around, the long-term affordability and stability is the most important factor in determining the future," Garodnick said. "This is our moment to get this community back on stronger footing and to its founding principles."

The housing community, built after World War II, has about 25,000 residents. It's up for sale after its previous owners, Tishman Speyer and Blackrock, defaulted on debt they took out to purchase the property from MetLife, in 2006. CW Capital took Stuy Town's title June 3 and is in charge of selling the property to pay off mortgage bondholders.

The company said in a statement that letting CW take over Stuy Town to sell it would be in the best interest of the bondholders and "provided the greatest stability for the community," which will have "no impact on residential property operations."

The tenants' plan would let residents buy their units and keep unsold rental units affordable. There is also the potential for the city and state to keep Stuy Town in reach for less affluent New Yorkers, according to Garodnick.

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