Stuyvesant Town Tenants and Council Member Garodnick Announce New Bid to Buy The Property
The Stuyvesant Town-Peter Cooper Village Tenants Association and Brookfield Asset Management announced that they will partner to bid for the storied development as part of a tenant-led proposal that would protect current residents and permanently maintain the middle-class character of the historic Stuyvesant Town / Peter Cooper Village community.
The Board of the Tenants Association approved an agreement with Brookfield to develop a bid over the coming months to submit to CW Capital, the special servicer that represents senior bondholders. The bid would allow tenants to buy their apartments at reasonable rates while also offering protection from harassment or eviction to those who wish to remain as rent-stabilized renters. The proposal would also aim to create a set of permanently affordable rental units with help from government sources, improve maintenance and upkeep across the development, and preserve the community’s existing open space.
“Today, tenants are taking their future into their own hands,” said Council Member Garodnick, a lifelong resident of the community who led the effort to bring the partnership together. “This bid will protect the residents of this historic community and ensure that Stuyvesant Town and Peter Cooper Village is always a place the middle-class can call home.”