NEW YORK CITY-CWCapital Asset Management, the owner of Stuyvesant Town and Peter Cooper Village, is reportedly looking to raise the property's income in the form of selective rent increases to make the property more attractive for a possible future sale.
The company earlier this month completed a settlement in a class action that concerned rents on luxury units and agreed to pay $69 million in rent overcharges to tenants. According to the Wall Street Journal, CWCapital believes it can raise rents on some units thus increasing the project's income. That strategy, which would likely run until at least 2014, would net the company a higher sales price, people familiar with the strategy told the newspaper.
Some analysts had assumed that CWCapital would put the 11,200-unit apartment complex on the market for sale once the lawsuit was resolved. However, it appears the company is looking to raise the revenue from the property before it begins marketing the asset to investors. See story in the Wall Street Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
