By Sabina Mollot
CompassRock Real Estate (CRRE) announced yesterday (Tuesday) that it would assume the management of Peter Cooper Village and Stuyvesant Town in Manhattan, replacing current property manager Rose Associates.
CompassRock is a subsidiary of CW Financial Services. The change will be effective September 1, 2012.
Rose Associates was appointed by the property’s receiver to manage the 11,200-apartment complex after former owner Tishman Speyer handed back the keys when it defaulted on its over $6 billion mortgage.
Adam R. Rose, co-president ofthe company, said, “It has been extremely gratifying to have spent two years increasing the professionalism of property management at PCVST on behalf of our client, CWCapital Asset Management. We are confident that CompassRock will continue this trend to the benefit of residents, staff, and visitors.”
Sean Sullivan, who was named general manager of PCVST earlier this year, will continue in that position, along with the on-site management staff.
“CompassRock will bring deep institutional experience and national best practices to the management of the property. In connection with the on-site team, we look forward to a continued focus on improving operations and services for our residents, ” said Andrew MacArthur, managing director of CWCapital Asset Management (CWCAM).
“We want to thank Rose Associates for their assistance stabilizing and improving the property over the past two years.”
Over the last two years, CWCAM has made substantial investments in property infrastructure and landscaping. It has also recently completed the successful restructuring of collective bargaining agreements at the property.