MANHATTAN — Stuyvesant Town and Peter Cooper Village is getting new management.
CW Capital Asset Management, which controls the massive, 11,000-unit complex, announced on Wednesday that one of its sister companies, CompassRock Real Estate, would take over managing both Stuy Town and Peter Cooper Village beginning Sept. 1, Crain’s New York reported.
Both CW Capital and CompassRock are subsidiaries of CW Financial Services.
“I am very proud of the results at Peter Cooper Village/Stuyvesant Town,” said Charles Spetka, CEO of CW Financial Services, in a statement. “Since taking control, we have realized significantly improved financial performance and at the same time improved the resident experience. Our intent is to continue both trends.”
For the past two years, the complex, which is made up largely of rent-regulated units, had been managed by Rose Associates.
“We are very proud of the improvements we implemented at this historic property,” Rose Associates said in a statement. “We understand fully CW’s desire to work with CompassRock given the relationship the two companies share. We wish them and the residents only the best.”
In announcing the new partnership, CW Capital said CompassRock Real Estate intends to improve performance around the complex in a variety of ways, including increasing management oversight and reducing costs.
But residents, who have been working with Brookfield Asset Management to broker a deal to purchase the complex from CW Capital, are skeptical.
"Members of our community are wary about the change," City Council member Daniel Garodnick, who lives in the complex and represents its residents, told Crain’s.
He added that since CompassRock is a new company, "almost by definition it has little experience managing properties such as this."
Real estate giant Tishman Speyer purchased Stuyvesant Town and Peter Cooper Village back in 2006 for $5.4 billion.
The following years thrust the Tishman Speyer into a heated court case, after the company tried to convert the complex’s rent-regulated units to market-rate apartments, and then went into default. CW Capital took over in the wake of that tumult.