Via Wall Street Journal
It might not be a political office, but there's still campaigning under way to run New York's sprawling Stuyvesant Town and Peter Cooper Village apartment complex.
Tuesday, billionaire investor Wilbur Ross said on CNBC that the LeFrak Organization Inc., a Big Apple residential powerhouse, "is the ideal solution" for the 11,000-unit development. As we've detailed, the project was recently thrown into chaos after a group led by owner Tishman Speyer Properties dumped it on its creditors.
Mr. Ross also promised LeFrak would maintain the property as affordable housing for the city's middle class, addressing big concern for current tenants. "They're not looking at it as a 'flip' -to try to suddenly convert it to luxury apartments," he said. "They've been owning and operating rent-controlled and rent-stabilized (apartments) for generations."
Ross's W.L. Ross & Co., private-equity firm Centerbridge Partners and LeFrak are pursuing a joint bid to buy the complex. Still, dealing with bondholders who hold $1.4 billion in junior, or "mezzanine," debt beneath the mortgage on the property will be "immensely complicated," the investor added.
Continue reading Wilbur Ross: LeFrak Is Ideal for Stuy Town, Trump's 'Not Interested' @ Wall Street Journal
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Wilbur Ross: We Are Ideal for Stuyvesant Town [CNBC]l
It might not be a political office, but there's still campaigning under way to run New York's sprawling Stuyvesant Town and Peter Cooper Village apartment complex.
Tuesday, billionaire investor Wilbur Ross said on CNBC that the LeFrak Organization Inc., a Big Apple residential powerhouse, "is the ideal solution" for the 11,000-unit development. As we've detailed, the project was recently thrown into chaos after a group led by owner Tishman Speyer Properties dumped it on its creditors.
Mr. Ross also promised LeFrak would maintain the property as affordable housing for the city's middle class, addressing big concern for current tenants. "They're not looking at it as a 'flip' -to try to suddenly convert it to luxury apartments," he said. "They've been owning and operating rent-controlled and rent-stabilized (apartments) for generations."
Ross's W.L. Ross & Co., private-equity firm Centerbridge Partners and LeFrak are pursuing a joint bid to buy the complex. Still, dealing with bondholders who hold $1.4 billion in junior, or "mezzanine," debt beneath the mortgage on the property will be "immensely complicated," the investor added.
Continue reading Wilbur Ross: LeFrak Is Ideal for Stuy Town, Trump's 'Not Interested' @ Wall Street Journal
Related
Wilbur Ross: We Are Ideal for Stuyvesant Town [CNBC]l
Déjà vu
“ ... the LeFrak Organization is the ideal solution ... They're not looking at it as a ‘flip’ – to try to suddenly convert it to luxury apartments ... They’ve been owning and operating rent-controlled and rent-stabilized (apartments) for generations.”
- (02/10) Wilbur Ross
Three years and $5.4 billion seems like just yesterday.
“There will be no sudden or dramatic shifts in the community’s makeup, character or charm.”
- (10/06) Rob Speyer
“We’re going to be great landlords for the families that live in this place ... As a business with deep roots in New York City, we have a sincere appreciation for these cherished neighborhoods, and we are honored to become stewards of the property ... We are committed to working closely with residents, elected officials and community leaders to ensure a dynamic and vibrant future for this New York community.”
- (10/06) Jerry Speyer
MAYBE to manage. Not to acquire. Wilbur Ross is not the ideal solution with regards to acquiring ST-PCV. Wilbur Ross would be the final solution for ST-PCV.
Agree.
Ross is a vulture. He will buy Albany the day after sinking his talons into ST-PCV.
Lefrak residents commenting in today's media say the 2nd and 3rd generations milk the properties and neglect maintenance.