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Elected officials go to bat for tenants at middle-class Stuyvesant Town enclave in Manhattan

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NEW YORK — Elected officials including Sen. Charles Schumer joined tenants of a middle-class housing enclave on Manhattan's East Side Friday at a rally to demand that affordable rents be preserved under a pending sale.

"New York cannot become a city of the very rich and the very poor," Schumer told about 300 tenants of Stuyvesant Town and Peter Cooper Village at a rally in front of City Hall.

He added, "Your fight is not just a fight for your own apartments, your fight is for the heart and soul and future of New York City."

The 11,000 apartments of Stuyvesant Town and Peter Cooper Village have housed middle-income New Yorkers in the decades since they were built for returning World War II veterans in 1947.

Original owner MetLife sold the complex for $5.4 billion in 2006 but the new owners defaulted.

CW Capital Asset Management LLC, which has controlled the 80-acre property since 2010, announced plans last month to sell the complex.

Tenants fear that a new owner will force moderate-income residents out and turn the complex into luxury housing.

Schumer said that in an effort to preserve affordable housing he secured commitments this week from mortgage lenders Fannie Mae and Freddie Mac that they will not finance any sale that Stuyvesant Town and Peter Cooper tenants don't support.

"We are part of the way there already, because without Fannie or Freddie's backing it will be very hard for lenders to come in and change the whole way Stuy Town is," said Schumer, who said he spent "many happy days" at Stuyvesant Town visiting cousins who lived there.

Nearly half the units at Stuyvesant Town and Peter Cooper Village have already been converted to market rate, with rents about $4,200 for a two-bedroom apartment.

Elected officials at Friday's rally said the rest of the complex must remain accessible for people who can't afford market-rate rents.

"This is the defining moment for affordable housing in this city," said New York City Comptroller Scott Stringer. "This is where we draw the line in the sand."

City Councilman Dan Garodnick vowed to fight "any predatory deal" for the complex, where he lives.

"To the sharks in the water: These are the people that you're looking to push out of their homes," Garodnick said. "These are the parents, the grandparents, the hardworking New Yorkers of this city, and guess what? They're not afraid of you."

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