Stuy Town Residents Fear Sale Will Not Protect Middle-Income Families
(DNAINFO) Noah Hurowitz | October 21, 2015 — For retired policeman and longtime Stuy Town resident Pat Boylan, his rent stabilized apartment is safe from exorbitant rent hikes for the next 20 years, but the chances of his daughters getting to stay in the complex as adults are slim, he said.
Residents of Stuy Town and Peter Cooper Village were wary to praise a deal announced on Tuesday in which financial firmBlackstone Group has agreed to buy the complex and protect slightly less than half of the units, or roughly 5,000 homes, from rent hikes for the next two decades.
Joining tenant leaders, Mayor de Blasio, and other local elected officials, Blackstone announced its purchase of the 11,200-unit property for $5.3 billion from CWCapital Asset Management LLC, the lender who seized the complex in 2010 after a $5.4 billion purchase fell through in the midst of the financial crisis.