Stuy-Town Residents Could Get Ownership Option

Sunday, Nov 14, 2010  |  Updated 9:45 AM EDT
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Stuy-Town Residents Could Get Ownership Option

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The massive Peter Cooper Village and Stuyvesant Town apartment complex is seen from Waterside Plaza.

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Ellen Cassels already has a good Manhattan real estate deal: a rent-stabilized apartment in Stuyvesant Town.

Now she's one of a number of residents hoping for something even better -- the chance to buy her apartment for an affordable price.

City Councilman Dan Garodnick, a longtime resident who represents the complex, says tenants and the company representing investors are talking about developing an affordable option allowing tenants to buy in. The company, CW Capital, didn't return a call seeking comment.

But market analyst Ben Thypin says that for any deal to work, a sizable number of tenants would likely have to agree to buy in.

That's not a realistic or appealing option for some residents who are either past retirement or just out of college.

The fate of Stuyvesant Town and Peter Cooper Village has been up in the air sine earlier this year,  when mega-devloper Tishman Speyer Properties and BlackRock Realty defaulted on $4.4 billion in loans. The partners bought the complexes in 2006 for $5.4 billion, then the biggest private real estate deal on record.

For a second time last month, the planned foreclosure sale at Stuyvesant Town and Peter Cooper Village was postponed by the lenders, who were still putting together the legal and corporate machinery for a takeover of the largest residential development in Manhattan.

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