The rumors, it appears, are true. On September 1, CWCapital will be effectively taking over management of Peter Cooper Village and Stuyvesant Town from Rose Associates, which has been at the helm since Tishman Speyer left. Expect more on this in the forthcoming Town & Village, but my guess is that, with much in place or being positioned to run relatively smoothly, CWCapital's move to gain operating control is a money saving measure, among other things. Apparently CWCapital has more plans/ideas for this complex, too. Stay tuned.
While there have been tenants who have vigorously railed against Rose Associates, Rose Associates was always the middleman in what goes on here and in a frequently uncomfortable position of needing to deal directly with unions, frustrated tenants and all the problems (illegal hotels, excess student population, furniture dumping, etc) that have arisen through the recent years in PCVST. Now this is all going to rest on the shoulders of CWCapital.
I have had some minimal contact in the past with Adam Rose and have always felt that he was sincere in his desire to run this complex as best as possible for tenants (and, obviously, for the owner of PCVST). For one, he made himself personally available to those whose problems were not being solved in the normal chain-of-command scenario. Think back to the days of Tishman Speyer, and you will realize what a difference that was. So the best to him and his crew.
How will CWCapital run this place? As I started at the outset, I believe the company will fall into the groove, if they can, of how things are being run right now, but that we'll start seeing changes on the property. Who knows? Perhaps we'll see a Walmart, or its equivalent, here one day. Or perhaps not.
Another interesting chapter in the history of Peter Cooper Village and Stuyvesant Town begins.