Pershing Square and Winthrop Realty Offer Co-op Plan, Partnership With Stuyvesant Town Tenants

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Ackman. Photo: Bloomberg for Getty Images

The partnership of Winthrop Realty Trust and Bill Ackman's Pershing Square Capital has stepped up its game in the contest to determine the future of Stuyvesant Town and Peter Cooper Village. The pair, which os trying to wrest control of the complexes from special server CW Capital, just sent a letter to tenants proposing an alliance in which residents would get up to 50 percent ownership in the complex, the ability to set apartment prices in a co-op transition, and veto power over major conversion decisions. [NYT]