MALONEY JOINS TENANTS IN CELEBRATING THE PRESERVATION OF AFFORDABLE HOUSING AT STUY TOWN/PETER COOPER VILLAGE

Oct 23, 2015
Press Release

New York, NY – Congresswoman Carolyn B. Maloney (D-NY12)  hailed the announcement that the De Blasio Administration had reached an agreement with Blackstone Group, LLC to preserve 5,000 units of affordable housing at Stuyvesant Town/Peter Cooper Village (STPCV) with the following statement:

“For nearly a decade, residents of Stuy Town/Peter Cooper Village have had to fight against a landlord determined to transform what had been an oasis of middle class housing into a luxury development.  During that time, residents were harassed and subjected to repeated efforts to jack up their rents with unnecessary and expensive MCIs.  This agreement with Blackstone Group, LLC signals an end to that era, with a landlord who has invested “patient capital” for the long-term. 

“According to reports, for at least twenty years, 5,000 apartments will remain affordable for middle class families, and Roberts tenants will have five additional years after the J-51 tax abatement comes to an end in 2020 during which rent increases will be limited – giving them rent protections through 2024.  It’s not a perfect deal, but it certainly is a positive outcome.  I congratulate Mayor DeBlasio and his team, the Stuy Town/Peter Cooper Village Tenants Association and Councilman Dan Garodnick for taking bold steps to preserve affordable housing at Stuy Town/Peter Cooper Village.”

 

Background

Bounded by 23rd Street and 14th Street, STPCV stretches from Avenue C to 1st Avenue and contains 110 red brick buildings with 11,250 apartments.  Approximately 5200 apartments are still under the protection of rent stabilization.

 

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