Pursuits
Manhattan Co-Op Veteran Guterman Plans StuyTown Offer
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Gerald Guterman, whose firm bought more than 12,000 New York-area rental apartments and turned them into condos and co-ops in the 1970s and 1980s, is now looking to lead one of the biggest conversions in U.S. history.
Guterman’s new firm, Condo Recovery LLC, has prepared a plan for a co-op conversion of Manhattan’s Stuyvesant Town-Peter Cooper Village, the 80-acre rental complex at the center of a dispute between creditors after the owner defaulted on a $3 billion mortgage. The developer discussed the proposal with CW Capital Asset Management LLC, the representative for holders of the senior debt, and plans an offer to buy the note before a planned foreclosure, he said in an interview.