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New manager at Stuy Town as clock ticks on Brookfield offer

12:16 pm, June 6, 2012

By Sabina Mollot

Brookfield has partnered with tenants to buy Stuy Town

The city’s most expensive apartment complex has a new general manager.

CWCapital and Rose Associates announced last week that former US Marine Sean Sullivan will take over  from Jim Yasser at  Stuyvesant Town and Peter Cooper Village, the complex that cost its former owners $5.4 billion at the height of the property boom.

The change comes as Brookfield Properties finalizes a formal offer to purchase the property in a deal with the 25,000 tenants. Brookfield Asset Management Inc previously said it would have a formal offer by April to buy Stuyvesant Town and Peter Cooper Village from CW, the special servicer currently controlling the complex.

CW appointed Rose Associates to manage the property, whose future fell into question after a venture led by affiliates of Tishman Speyer Properties LP and BlackRock Inc. defaulted on its mortgage and ceded control to lenders.

The new manager previously worked at Tishman Speyer managing commercial properties that included Rock Center and the Chrysler Building. He left the company in 2003, though, and was not involved in ST/PCV until now.

Sullivan went on to serve at Avalon as senior vice president of real estate operations, managing 43 communities and developments with 13,300 apartments.

The change in management comes at a time when a number of renovations and other projects are being implemented and will continue to be rolled out in the coming months, CW and Rose Associates said in a statement.

Among the changes, technology upgrades are on the way, aimed at delivering better responses to maintenance issues, and the introduction of new quality control measures for janitorial services.

ADAM ROSE

Adam Rose, co-president of Rose Associates, said, “Sean’s extensive and diverse experience as an executive manager of real estate operations will ensure these new initiatives are implemented with the utmost efficiency.

“Having successfully completed the initial transition, we’re now in a position to move forward with nuts and bolts changes to improve the quality of service for all residents.”

CW and Rose have also been busy ironing out labor agreements with Local 808, the union that represents ST/PCV 166 porters, handymen and grounds workers, and Building Trades, which represents 66 carpenters, masons, electricians and plumbers, service levels should be enhanced.

Brookfield Properties did no respond to a request for comment by press time.

 

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  • http://www.facebook.com/people/Jfortyfive-Ashton/100003517343192 Jfortyfive Ashton

    Strange combination….coupling together a new manager placed by Rose with mentioned of Brookfield’s ever-delayed proposal.  Why cobble these together, Sabrina.  And BTW, why keep mentioning Brookfield as if there are no other interested sponsors out there????