NEWS AND ISSUES


January 13, 2010

Hon. Deborah VanAmerongen
Commissioner
New York State Division of Housing and Community Renewal
Hampton Plaza
38-40 State Street
Albany, NY 12207

Dear Commissioner VanAmerongen:

As you know, last Friday, Tishman Speyer Properties, LP and Blackrock, Inc. failed to make a scheduled payment on debt from their 2006 purchase of Stuyvesant Town and Peter Cooper Village (ST-PCV). As a result of their mortgage default, the future of this bastion of middle class housing, one of New York Statefs largest apartment complexes, is in jeopardy.

As the State Senator who represents the approximately 25,000 residents of ST-PCV, it is my highest priority to ensure the complexfs financial stability, long-term affordability, and special character so that we not only preserve this housing for present tenants but for future generations of middle class New Yorkers. I urge the New York State Division of Housing and Community Renewal (DHCR) to do everything in its power to help meet this goal.

For example, I understand that ST-PCV Tenants Association is considering a bid to buy the property itself, an option I enthusiastically supported when ST-PCV was on the market in 2006. That bid, with financing from unions and private real estate companies, was led by New York City Councilmember Dan Garodnick. It included a combination of rent regulated, cooperative and market rate units that I believed provided the best opportunity to preserve this vitally important affordable housing stock both for current and future residents. Should ST-PCV come up for sale again, I encourage DHCR to work with City, State and Federal officials and agencies to make possible a sound and successful tenant bid.

However, even if there is no tenant bid or sale of the property, DHCR has an obligation to protect the rights of the complexesf rent stabilized tenants and preserve this critically important housing resource as a high quality place for middle class New Yorkers to live. New York City Department of Housing Preservation and Development Commissioner Rafael Cestero has stated that git is our overriding concern that [Stuyvesant Town and Peter Cooper Village] remain a key component of the City's affordable housing stock for generations to come.h I expect no less from DHCR.

I have been talking with and reaching out to many of my colleagues at all levels of government regarding the need to sustain this vital complex. I look forward to DHCRfs proactive efforts to explore and facilitate creative ways to finance, preserve and regulate ST-PCV so it is well maintained as middle class housing long into the future.

Sincerely,


Thomas K. Duane
New York State Senate
29th District

Cc: Governor David A. Paterson


January 13, 2010

Judd Levy
Chairman/Acting President and CEO
New York State Housing Finance Agency
641 Lexington Avenue
4th Floor
New York, NY 10022

Dear Mr. Levy:

As you know, last Friday, Tishman Speyer Properties, LP and Blackrock, Inc. failed to make a scheduled payment on debt from their 2006 purchase of Stuyvesant Town and Peter Cooper Village (ST-PCV). As a result of their mortgage default, the future of this bastion of middle class housing, one of New York Statefs largest apartment complexes, is in jeopardy.

As the State Senator who represents the approximately 25,000 residents of ST-PCV, it is my highest priority to ensure the complexfs financial stability, long-term affordability, and special character so that we not only preserve this housing for present tenants but for future generations of middle class New Yorkers. I urge the New York State Housing Finance Agency (HFA) to do everything in its power to help meet this goal.

For example, I understand that ST-PCV Tenants Association is considering a bid to buy the property itself, an option I enthusiastically supported when ST-PCV was on the market in 2006. That bid, with financing from unions and private real estate companies, was led by New York City Councilmember Dan Garodnick. It included a combination of rent regulated, cooperative and market rate units that I believed provided the best opportunity to preserve this vitally important affordable housing stock both for current and future residents. Should ST-PCV come up for sale again, I encourage HFA to work with City, State and Federal officials and agencies to make possible a sound and successful tenant bid.

However, even if there is no tenant bid or sale of the property, as New York Statefs agency dedicated to creating and promoting affordable housing, HFA has a role to play in preserving this important housing resource as a high quality place for middle class New Yorkers to live. I urge HFA to echo the commitment of New York City Department of Housing Preservation and Development Commissioner Rafael Cestero, who has stated that, git is our overriding concern that [Stuyvesant Town and Peter Cooper Village] remain a key component of the City's affordable housing stock for generations to come.h

I have been talking with and reaching out to many of my colleagues at all levels of government regarding the need to sustain this vital complex. I look forward to HFAfs proactive efforts to explore and facilitate creative ways to finance and preserve ST-PCV so it is well maintained as middle class housing long into the future.

Sincerely,


Thomas K. Duane
New York State Senate
29th District

Cc: Governor David A. Paterson


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