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80-Acre Stuyvesant Town Could Go Co-Op

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NEW YORK (AP)–Two investors who are seeking control of a massive middle-class housing complex in Manhattan are offering tenants “a substantial equity ownership interest” in the property.

The partnership of Pershing Square Capital Management and Winthrop Realty Trust is seeking ownership of the 80-acre Peter Cooper Village and Stuyvesant Town.

The investors sent a letter on Sunday to the tenant association. They’re proposing to convert the complex into a co-op. That would mean existing tenants would buy their apartments.

City Councilman Daniel Garodnick said Monday that tenants will be happy to review the proposal. Garodnick lives in the complex and represents the area on the Council. He said keeping Stuyvesant Town and Peter Cooper Village affordable is “non-negotiable.”

Copyright 2010 by The Associated Press. All Rights Reserved

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