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NYC Department of Housing Preservation & Development

FOR IMMEDIATE RELEASE
Friday, January 8, 2010

Eric Bederman 212-863-5176


STATEMENT OF HPD COMMISSIONER CESTERO ON NEWS OF STUYVESANT TOWN AND PETER COOPER VILLAGE MORTGAGE DEFAULT

New York, NY - New York City Department of Housing Preservation and Development (HPD) Commissioner Rafael E. Cestero issued the following statement regarding news today that the owners of Stuyvesant Town and Peter Cooper Village will miss a multimillion dollar loan payment, putting them in technical default on their mortgages.

“Over the past year, HPD has been keeping a close watch on Stuyvesant Town and Peter Cooper Village as the financial situation began to unravel. The solution is clearly something that the investors are going to have to work through, and given the scale and complexity it may still take some time to resolve. While residents may be understandably concerned about the future, the good news is that these properties continue to be well run and maintained.

“Creating and preserving affordable housing in a city with a growing population is paramount to ensuring the stability and diversity of our city. Since the 1940s Stuyvesant Town and Peter Cooper Village have served the housing needs of the hardworking middle-class families of New York, and it is our overriding concern that they remain a key component of the City’s affordable housing stock for generations to come.”

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