NEW YORK CITY-The letter sent to the tenants association at Peter Cooper Village/Stuyvesant Town this past weekend, proposing a co-op conversion deal that would give the tenants as much as 50% ownership of the 11,227-unit rental apartment complex, is both unique and a sign of the times. 

Certainly the proposal, by a partnership of Pershing Square Capital Management and Winthrop Realty Trust, is unprecedented, not least because of its scale—and is also contingent on the partnership’s success in wresting control of the massive complex from the senior mortgage holders as well as other interested parties, now reportedly including developer Gerald Guterman with a conversion plan of his own. Yet at the same time, the multifamily sector offers several current examples of properties in foreclosure that have gotten a leg up through new ownership or fresh capital.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.