Statement of Assemblymember Brian Kavanagh on Tishman Speyer’s Default on Stuyvesant Town and Peter Cooper Village

January 8, 2010

Though we’ve long expected that Tishman Speyer Properties and BlackRock Realty, the owners of Stuyvesant Town and Peter Cooper Village, would default on their property loans, the news that they failed to make a $16 million mortgage payment due today is nonetheless disconcerting to many residents of our community. But it is important for everyone to know that the rights of tenants under state law will not change as the landlords’ and investors’ financial problems worsen, or as a result of any change in ownership. I will continue to work with my fellow elected officials, city, state, and federal agencies, the Tenants Association, and every Stuy Town and Peter Cooper resident to do everything we can to protect those rights.

In the long term, we may come to see this day as the beginning of the end of a very destructive and acrimonious period in the life of this community. I am hopeful that, with hard work, vigilant advocacy, and unity among the thousands of people who live here, we will be able to preserve the quality of life, the stability, and the affordability of this community.