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.READ MORE: Brian Laundrie's Remains Found In Florida Nature Reserve, Officials Say
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.READ MORE: Man Taken Into Custody After Shooting Just Steps Away From Bronx School
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.”MORE NEWS: Paterson Youth Football Team Gets $10,000 Gift From New York Giants, Dunkin' Donuts
Copyright 2010 by The Associated Press. All Rights Reserved