Stuyvestant Town residents find themselves fighting, again

Ryan Hutchins


The tenants of Stuyvesant Town-Peter Cooper Village—a post-World War II refuge to tens of thousands of middle-class New Yorkers—were feeling emboldened on Friday morning after weeks spent in fear that their apartments would, yet again, be auctioned off to a wealthy developer with dreams of turning them into luxury condos.

Hundreds of residents from the Lower East Side complex—which spans 80 acres and includes more than 11,000 units—gathered on the steps of City Hall, rain at their heads, to proclaim they will fight to the end to ensure a sale like that won't happen. They were led by their local councilman, Daniel Garodnick, who also lives in Stuy Town and has been railing against the evils of what he calls “predatory equity.” By that, he means the purchase of a residential property at a price that can't be supported by existing rental incomes.

“To the sharks in the waters,” Garodnick, surrounded by his neighbors, called to the companies interested in Stuy Town. “These are the people that you're looking to push out of their homes. These are the parents, the grandparents, the hard-working New Yorkers of this city. And guess what? They're not afraid of you.”

It became clear this month that CWCapital Asset Management, which represents the senior creditors in control of complex, was moving to sell the property, which has been in default for years and carries $4.4 billion in debt. The firm went to court and formally took title on the buildings in what was reportedly an effort to fend off junior creditors.

http://www.capitalnewyork.com/article/real-estate/2014/06/8547200/stuyvestant-town-residents-find-themselves-fighting-again?news-image