Residents of Manhattan's Stuyvesant Town and Peter Cooper Village rallied for protection Sunday following a recent decision to transfer ownership to the property's creditors. NY1's Tara Lynn Wagner filed the following report.

Despite the cold weather, residents of Stuyvesant Town and Peter Cooper Village were fired up Sunday morning as they joined elected officials in fighting for the future of the 80 acre complex. This, after owners Tishman Speyer and Black Rock Realty failed to make their $16 million mortgage payment, and turned the complex over to creditors. The companies bought the property four years ago for $5.4 billion in what is considered to be the largest real estate deal in U.S. history.

Rather than view this as a setback, Senator Chuck Schumer said he now sees an opportunity.

"The silver lining is that the two largest creditors are Fannie Mae and Freddie Mac and we have some leverage over them," Schumer said.

Fannie and Freddie own $2 billion of the outstanding debt on the property. They themselves are majority-owned by the federal government, after being bailed out a few years ago in the housing crisis. Officials say its now their turn to support middle-class taxpayers.

"Today they are in a position to directly influence the future of this property to benefit Stuyvesant Town and Peter Cooper residents and we expect them to do so. And let me add, they will," said City Councilman Daniel Garodnick.

Lawmakers are calling on the lending agencies to do three things -- ensure the property is well maintained throughout the transition, tell CW Capital -- which is now controlling the complex -- to install a new manager quickly, and make sure the next owner is committed to keeping the 11,000 units affordable for middle class residents.

Tenants tried to purchase the property a few years ago and continue to express an interest in such a deal. But City Councilman Dan Garodnick, himself a Stuy-Town resident, said that even if residents don't have all-out ownership, they should have a seat at the table.

"We're the ones paying the rent. It's everyone who wants our cooperation. So we will make sure that our goals and principles are achieved here," Garodnick said.

"I'm 88 years old now and I hope I can stay here forever. Where else would I go?" said Stuy-Town resident Elaine Haber.

While a real estate deal of this size is as complex as the sprawling 56 building complex itself, many tenants said the goal is simply to stay in their homes.