Stuyvesant Town Tenants Again Considering Making Offer for Complex


Last time the massive Stuyvesant Town and Peter Cooper Village complex was on the block, in 2006, the tenants association made a play to buy it for $4.5 billion dollars. They were outbid by Tishman Speyer and BlackRock, who assembled $5.6 billion for the purchase. Now that the property is estimated to be worth $1.8 billion, the tenants are eyeing another bid. Unfortunately, whoever ends up owning the place might end up saddled with roughly $200 million in past debts to renters for overcharges, per a recent court decision. Which would mean, of course, that the tenants could owe themselves millions of dollars. [NYT]