Real Estate Weekly
Image default
Deals & Dealmakers

CompassRock goes out of business after losing Stuy Town contract

By Sabina Mollot

The company set up to manage the massive Stuyvesant Town apartment complex after it fell into receivership has closed.

Stuyvesant Town. Photo by Marianne O'Leary/ Flickr
Stuyvesant Town. Photo by Marianne O’Leary/ Flickr

CompassRock was originally founded by special servicer CWCapital in 2012 to manage multifamily properties around the country.

However, its two biggest jobs were at the 11,200-unit Stuy Town, and at Riverton Houses in Harlem, where it managed 1,229 apartments.

In January this year, CompassRock lost its contract at Riverton when CWCapital sold the property to A&E.

Then in April, the firm got the boot from Stuy Town when new owner Blackstone replaced it with its own subsidiary company, StuyTown Property Services.

CWCapital declined to comment on the current status of CompassRock, whose website has been down for months.

However a source told REW that the company has indeed closed after it losing its biggest property contracts.

According to the insider,  after losing Stuy Town and Riverton, CompassRock divvied up the remainder of its property contracts among other management firms.

Among those properties was The Corner, a luxury rental on the Upper West Side, whose management has since been taken over by Pinnacle.

Related posts

Avison Young arranges 99-year ground lease for an estimated $21.5 million


Rosewood Realty Group Brokers $36.5 Million Sale of 15-Story Hells Kitchen Mixed-Use Building


Miller Construction Begins Work on an 80,000-Square-Foot Build-to-Suit Industrial Warehouse in Orlando