By Patrick Hedlund
DNAinfo News Editor
MANHATTAN — Stuyvesant Town and Peter Cooper Village's former property manager will reportedly resume its role as head of day-to-day upkeep at the 11,000-unit complex.
Rose Associates, which managed the 80-acre property for three and a half years prior to its 2006 purchase, will again take up the job, the complex's senior lender announced Friday, Bloomberg reported.
As of 5 p.m., Rose Associates will take over for Tishman Speyer, which stayed on as Stuyvesant Town's property manager despite defaulting on its mortgage in January and handing the complex over to creditors, the report said.
CW Capital, the senior lender that represents holders of the complex's $3 billion mortgage, hired Rose Associates in February to advise on the management transition from Tishman Speyer, Bloomberg reported.
Rose Associates, which manages approximately 22,000 apartments in the metropolitan area, spent nearly fours years as the complex's manager under former owner MetLife leading up to the 2006 sale, the report said.
"Rose Associates has committed to me personally that we will see no diminution of service, and that any changes at the property will be done in a sprit of cooperation," read a statement from Councilman Dan Garodnick, a lifelong tenant of Peter Cooper Village who also represent the area.
"We will hold them to that. Very little escapes the notice of the many proud tenants who have lived in the community for years, or even decades. They will demand the same attention of their new management."
CW Capital is reportedly still negotiating with junior investor Pershing Square Winthrop, which failed to wrest control of the complex from CW Capital by trying to schedule its own foreclosure sale.
The ongoing legal wrangling has led the senior lender to postpone its own planned foreclosure auction three times this month, with a new date for the sale set for Oct. 29, Bloomberg added.
CW Capital is ultimately expected to emerge as the complex's new owner, with no other bidders in sight to put up the approximate $3.7 billion needed to pay off the mortgage.
