While the Peter Cooper Village Stuyvesant Town (PCVST) communities remain a defining part of the New York City real estate market, they haven’t been without their share of controversy.
But David Woodward, founder and president of Denver-based CompassRock Real Estate, said he hoped to start fresh after his company assumed the management of both communities September 1. The management contract of 11,250 units brings the company's portfolio to 25,000 units under management across 12 major markets.
“This is an exciting next step for CompassRock as we develop our national footprint,” he said. “We are right in line with our business plan and have added several new third-party fee management clients in the last 90 days which will allow us to enter additional markets.We’re thrilled to become part of this community and look forward to working with our residents and partners in the community to ensure that PCVST remains an attractive place to call home.”
CWCapital Asset Management (CWCAM) took control of PCVST in October 2010, a year after Tishman Speyer and BlackRock defaulted on the $3 billion mortgage. CWCAM made substantial investments in property infrastructure and landscaping over the last two years, while expanding resident programming and enhancing maintenance service. The company claims to have increased net operating income by 45 percent on an annualized basis in the last two years.
CompassRock replaces former PCVST manager Rose Associates. Woodward said he doesn’t have major plans to change what is already working well for PCVST. The on-site management team remains the same and CompassRock’s New York City corporate office has been handling the transition.
“We will start identifying best practices from throughout the portfolio that we can bring to PCVST to increase operational efficiency,” he said.