Stuy Town residents could get ownership

Stuyvesant Town-Peter Cooper Village

November 16, 2010 1:59:28 PM PST
Ellen Cassels already has a good Manhattan real estate deal: a rent-stabilized apartment in Stuyvesant Town. Now she's one of a number of residents hoping for something even better - the chance to buy her apartment for an affordable price.

City Councilman Dan Garodnick, a longtime resident who represents the complex, says tenants and the company representing investors are talking about developing an affordable option allowing tenants to buy in. The company, CW Capital, didn't return a call seeking comment.

But market analyst Ben Thypin says that for any deal to work, a sizable number of tenants would likely have to agree to buy in.

That's not a realistic or appealing option for some residents who are either past retirement or just out of college.

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