Rent Abatement Notice from CWCapital

Dear Residents,

I am writing after one of the more tumultuous weeks in the long and storied history of this community. I want to express our sympathy for all that you have endured over the past 7 days and to express my thanks and appreciation for all that our staff has done since last Monday to ensure resident safety and the fastest possible restoration of services.

I know some of you still remain without some utility services and that our job is not finished until everyone is back to normal. As a demonstration of our commitment, and in appreciation for all that you have been through since last Monday night, I am announcing that anyone who has been without heat, elevator service or electricity will not be charged rent for any day in which they were without one or more of these services.      

While this last week has been extraordinarily trying, it also highlighted all that is special about our community. Our younger residents kept careful watch over their elderly neighbors and our elderly residents provided us all with an example of how to overcome adversity with good humor and fortitude.   Our political figures pitched in and the various resident groups have done their part. Finally, our staff has demonstrated a commitment to this community that is extraordinary.  During this last week, PCVST showed what it means to be part of a community you should all be proud to call home.

I want to extend a particular note of thanks to the building engineers, Public Safety officers, executive staff, and the many volunteers who helped our community get through the aftermath of Hurricane Sandy. I personally witnessed several of our engineers working, at significant personal risk, to secure damaged electrical equipment in order to maintain safe conditions in those buildings directly effected by the flood waters. I watched as our Director of Operations had a manhole cover explode next to him as he struggled with workers from ConEd to restore power. I am aware of several staff members that chose to stay here and assist this community despite having lost their own homes to the flood. Many of our executive staff slept onsite for the past week, leaving their own families in cold and darkness elsewhere, while they lead the effort to restore normalcy here.  Our Public Safety officers carried over 200 elderly residents down from their apartments and checked on over 500 additional residents at the request of concerned relatives. I also want to extend our appreciation to the Tenants Association and Councilman Garodnick who responded to our request for additional volunteers to assist in our efforts to check on all residents without power and to help with the food distribution efforts. Everyone involved in this effort should be proud of their participation.

We still have work to do to restore services and return normalcy to this community. We will continue to work tirelessly until that job is complete.

With respect,

Andrew MacArthur

Managing Director - CWCapital

Peter Cooper Village and Stuyvesant Town Rent Abatement

Due to the impacts of Hurricane Sandy, we are instituting the following rent abatement measures for all residents of Peter Cooper Village and Stuyvesant Town:

• We will abate rent for residents for any period their building was without an essential service (electric, elevators, heat).
• We will abate rent for any resident with a scheduled move-out date from that date until the date they are actually able to move out.
• We will abate rent for any resident with a scheduled move-in date from that date until the date they are actually able to move in.
• We are trying to include the abatements as rent credits in the December rent bill, however we may not be able to include until January depending on how quickly our systems are able to be restored.
• If you have a move-out scheduled in November, please email hurricanerentabatement@pcvst.comto discuss how your abatement will be handled.
• Please pay your normal rent amount until the credits are reflected on your rent bill.