CWCapital Asset Management Announces Additional Steps to Improve Property Performance at Peter Cooper Village/ Stuyvesant Town
Appoints CompassRock Real Estate LLC as Property Manager
CWCapital Asset Management LLC (CWCAM), a subsidiary of CW Financial Services, announced today strong financial performance at Peter Cooper Village/Stuyvesant Town. Since taking control of the asset in October, 2010, CWCAM has focused on stabilizing and creating value for the asset. Working together with current Property Manager Rose Associates, CWCAM has renovated and leased over 900 vacant units and successfully restructured the union agreements on the Property, resulting in labor stability for the next several years and enhanced flexibility to manage the union labor force.
Early in 2012, CWCAM led a management restructuring that included re-assigning senior executives and
re-ordering functional departments to better manage on-going projects and increase operational efficiency. As a result of these enhancements, CWCAM has increased NOI since taking over by more than 45% on an annualized basis.
“I am very proud of the results at Peter Cooper Village/Stuyvesant Town,” said Charles Spetka, CEO of CW Financial Services. “Since taking control, we have realized significantly improved financial performance and at the same time improved the resident experience. Our intent is to continue both trends.”
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