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.”