New York, NY – October 22, 2010 – CWCapital Asset Management LLC (CWCAM), in its capacity as special servicer, announced today it has appointed Rose Associates, Inc. as property manager of Peter Cooper Village and Stuyvesant Town (PCV/ST). Rose Associates has been operating as a transition consultant for PCV/ST since February 2010, working toward this appointment and replacement of Tishman Speyer as property manager. Rose Associates also served as property manager for the complex prior to Tishman Speyer’s acquisition of the property.
“It is vital that the transition of the property management of Peter Cooper Village and Stuyvesant Town be effected smoothly,” said Charles Spetka, CEO of CW Financial Services. “For several months, Rose Associates has been working closely with Tishman Speyer on all property management issues. We are confident they now understand what is necessary to assume full management responsibility. We make this appointment, as CWCAM moves toward full control of the property, with complete confidence in Rose Associates’ expertise and ability to provide continued stability and maintenance to the tenants of Peter Cooper Village and Stuyvesant Town. I would also like to acknowledge Tishman Speyer’s cooperation throughout this process and their shared goal of assuring a successful and stable transition of the property.”
“I look forward to working with residents, employees, and community leaders to maximize service to the residents of Peter Cooper Village and Stuyvesant Town,” said Adam R. Rose, Co-President of Rose Associates. “Our prior experience in managing the property and recent role as transition consultant uniquely positions us to assume this responsibility and have an immediate and positive impact on the community. We are proud to be returning to Peter Cooper Village and Stuyvesant Town and seeing many of our friends on the property."
About CW Financial Services
CW Financial Services is a unique, vertically integrated commercial real estate debt platform comprised of CWCapital LLC, CWCapital Investments LLC and CWCapital Asset Management LLC. Offering a full range of products and services including multifamily lending, servicing, special servicing, consulting and investment management, CW Financial Services employs approximately 370 professionals in 14 offices nationwide. For more information, visit www.cwcapital.com.
About Rose Associates, Inc.
Based in New York City, Rose Associates, Inc. is a developer, manager and marketer of premium residential, commercial and retail properties. With an 85 year history of success, Rose offers a variety of expert services including pre-development consulting, property development, property management, residential marketing, retail and commercial leasing, financial services, construction supervision, project management, and asset management.