Brookfield Asset Management is aggressively plumbing the ranks of distressed CMBS debt. Among the large new opportunities the Toronto-based firm is looking to pick up are a massive multifamily/condo project in New York and it is also taking over luxury resort properties in the Bahamas.
In New York, Brookfield has partnered with the Tenants Association of the sprawling Stuyvesant Town and Peter Cooper Village in a bid to win ownership of the massive residential project.
“Our community has been through a lot over the past five years, and we continue to live in a state of limbo, with the future ownership of the property unclear. We simply cannot – and will not – sit idly by and wait for our future to be determined for us,” said Tenants Association president Al Doyle.
Doyle said the Tenants Association has been working with its professional advisors and city councilman over the past year. “We believe that the time is now right to put forth a conversion proposal that will give residents the opportunity to buy their apartments at a reasonable price, while also allowing rent-stabilized tenants to continue renting without fear of harassment should they decide not to buy.”
