Friday, November 17, 2006

StuyTown Deal No Go?

There may still be a way for tenants to keep Stuyvesant Town and Peter Cooper Village affordable, with MetLife's $5.4 billion deal to sell to Tishman Speyer being called into question over a provision limiting MetLife to no more than a 6% annual profit on the apartment complex.

New York City Comptroller William Thompson has been asked to look into the sale. A spokesman for the Comptroller says, "[we] are taking a hard look at it . . . As you know, in recent months the comptroller has expressed serious concerns about the future of Stuyvesant Town."

The Working Families Party supports the tenants' effort to keep StuyTown affordable. Over the past months, StuyTown tenants had put together a competing offer to buy the building in an effort to maintain the affordability of their community. Here's hoping this news gives an added push to their work.

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