Investors Propose Turning Stuy Town, Peter Cooper Into Co-Ops
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Stuyvesant Town and Peter Cooper Village could be going co-op.
Two investors seeking to own the Manhattan housing complexes sent a letter to the tenant association proposing the idea, which would let residents buy their apartments.
The issue of ownership is still being hashed out in the courts but if the co-op plan were to go through, it would be the largest conversion of its kind.
City Councilman Daniel Garodnick, who lives in Stuyvesant Town, says tenants will be happy to review the proposal.
"It needs to protect the long-term affordability in the community, protect the rights of the tenants that are currently there,” said Garodnick. “It's a historic property. And we cannot compromise on what this community means to the city of New York."
Earlier this year the complexes' owners, Tishman Speyer and Blackrock Realty, turned them over to creditors after running out of cash to make loan payments.