A partnership of Pershing Square Capital Management and Winthrop Realty Trust sent a letter yesterday to the Stuyvesant Town and Peter Cooper Village tenant association proposing an alliance in which tenants would get a "substantial equity" stake in the sprawling property, the ability to set apartment prices and the power to veto major decisions made in the course of converting the 11,226 apartments to a co-op, according to an article today at nytimes.com by Charles V. Bagli.
The letter was signed by Michael L. Ashner, chief executive of Winthrop, and William A. Ackman, chairman of Pershing Square, the article said, adding that "People on both sides of the talks said the tenants could be offered as much as 50 percent ownership."
"Working together," they wrote in the letter, "we believe that we will be able to effectuate an affordable non-eviction conversion while protecting the long-term affordability of the property for current and future tenants and ensuring that those who wish to remain rent-stabilized renters can do so."
The investors, the tenants and CW Capital, the company that represents the senior mortgage holders, are awaiting a decision in State Supreme Court that will determine who will control the complexes in the coming period.
The letter was signed by Michael L. Ashner, chief executive of Winthrop, and William A. Ackman, chairman of Pershing Square, the article said, adding that "People on both sides of the talks said the tenants could be offered as much as 50 percent ownership."
"Working together," they wrote in the letter, "we believe that we will be able to effectuate an affordable non-eviction conversion while protecting the long-term affordability of the property for current and future tenants and ensuring that those who wish to remain rent-stabilized renters can do so."
The investors, the tenants and CW Capital, the company that represents the senior mortgage holders, are awaiting a decision in State Supreme Court that will determine who will control the complexes in the coming period.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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