City buys time for Stuy Town
Ryan Hutchins
The de Blasio administration has bought itself more time to avert what would be major hit to its ambitious affordable housing plan: The loss of 6,000 middle-class apartments at Stuyvesant Town-Peter Cooper Village, a sprawling complex on Manhattan’s east side.
Two months ago, CWCapital Asset Management, which represents the senior creditors in control of the property, told the city it would commit at least 60 days to finding a solution to preserve the affordability of those units as it moves toward selling the buildings. Now, the company has agreed to continue the discussions for the foreseeable future, the mayor’s office said.
“We’ve had productive conversations with CWCapital about protecting affordability at Stuytown and Peter Cooper Village,” Wiley Norvell, a spokesman for Mayor Bill de Blasio, said in a statement to Capital. “And all parties have agreed it’s in the best interests of the city, the tenants and CWCapital to continue those talks in the months ahead before any action is taken.”
For a first-year mayor who pledged to preserve 120,000 units of affordable housing over the next decade—not to mention build another 80,000—few issues loom over de Blasio quite like Stuy Town.
http://www.capitalnewyork.com/article/city-hall/2014/08/8550471/city-buys-time-stuy-town
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