By 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.