CWCapital Asset Management, a subsidiary of CW Financial Services, increased its involvement in Manhattan's Peter Cooper Village/Stuyvesant Town apartment community by making its sister company property manager.
CompassRock Real Estate — another subsidiary of CW Financial Services — will become Stuy Town's property manager on Sept. 1. CompassRock is replacing Rose Associates as property manager. Rose Associates originally received the contract from CWCapital in October 2010.
CWCapital, the special servicer for Stuy Town, has been through several major battles over the fate of the property as well as controversial issues pushed to the forefront by Stuy Town residents.
With its sister company managing Stuy Town, CWCapital is moving forward with a plan to restructure management of the asset and increase operational efficiencies.
"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."
CWCapital has been special servicer since 2010.
CWCapital says CompassRock's involvement allows both firms to focus on various property improvement efforts, including a 33% reduction in management fees and increased property management.