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Stuyvesant Town tenants hire investment banker
NEW YORK, March 12 |
NEW YORK, March 12 (Reuters) - The Stuyvesant Town/Peter Cooper Village Tenants Association said on Friday it retained Moelis & Company as its financial advisor in its pursuit to buy the massive Manhattan apartment complex.
Hiring a financial advisor puts the tenants on equal footing with the various creditors of the projects, which are now the subject of foreclosure, said the association, which represents the 25,000 residents of the complex on Manhattan's east side.
"We are confident that Moelis & Company can help protect the tenants' interests by offering us the financial and strategic advice needed to come out on top of this complex restructuring," Al Doyle, president of the Stuyvesant Town/ Peter Cooper Village Tenants Association, said in a statement.
Earlier, the association retained law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP.
Earlier this year Tishman Speyer, which lead the group that bought the projects for $5.4 billion in 2006, defaulted on its loan payments. Tishman Speyer had planned to renovate apartments as they became available, raising rent-stabilized units to market rents. Longer term, they planned to sell some units or build new ones as condominiums.
But the with the collapse of the real estate market and a court decision that ruled the apartments were illegally brought out of rent stabilization, the value of the property declined. (Reporting by Ilaina Jonas; editing by Andre Grenon)
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