When It's Not Your Money

Garodnick Wants Pension Fund Burned by Stuy Town to Try Again

bletwin  2 Garodnick Wants Pension Fund Burned by Stuy Town to Try AgainBy the numbers, the California Public Employees Retirement System was burned more than any other by Stuyvesant Town. The fund lost its full equity investment of $500 million.

Now, with the property going through a foreclosure, the local councilman who once criticized the owners wants Calpers to come back.

As part of an effort to put together a tenant bid to restructure the property, Dan Garodnick sent a letter dated May 12 that asks Calpers to join in the effort.

The tenants association, he wrote:

“is marshalling the resources necessary to put forward a tenant-led restructuring plan with the goal to protect and preserve this historic community as a stable, sustainable place for middle-income families.

CalPERS should consider participating as an investor in our tenant-led restructuring plan. Joining this bid could offer CalPERS an attractive, stable, long-term investment opportunity and the ability to publicly demonstrate its commitment to its new fiscal policy.”

Full letter below. 

CalPERS–May10 (1)

Follow Eliot Brown via RSS.