Another Investor Enters the Stuyvesant Town Fray

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Photo: Don Emmert/Getty Images

Well, actually it's more like another investor piped up — Gerald Guterman and his firm Condo Recovery LLC have been planning how they would lead the struggling massive housing complex through a co-op conversion for several years now. They've even done the math on unit prices and mortgages, something rival investors Pershing Square and Winthrop Realty Trust have remained vague about. According to Guterman, it's possible to put monthly mortgages and fees at rates that wouldn't change monthly bills for even longtime rent-stabilized tenants. [Bloomberg]