NEW YORK CITY-The tenants association at Stuyvesant Town-Peter Cooper Village is launching a bid to buy the complex from CW Capital, the special servicer representing the property’s bondholders. It’s the second such bid—the first came in 2006—but this time the association has a partner with deep pockets on its side.

The board of the tenants association at the sprawling complex voted Tuesday to approve an agreement with Brookfield Asset Management that it hopes will lead to the submission of a successful proposal to CW Capital. Although an official plan has yet to take form, the partnership was announced Wednesday by representatives from Brookfield, the tenants association and city and state officials.

New York City Council Member Daniel Garodnick, a longtime Peter Cooper Village resident who has worked to preserve housing affordability there, told GlobeSt.com that the tenants “are in a very strong position to effectuate a deal.” This is in part, he said, because of CW Capital’s stake in the outcome.

“They have obligations to the senior bondholders,” he said. “And at the end of the day, we need to offer them a plan that satisfies their obligations and we hope to do that in a way that minimizes disruption, promotes stability and that includes the 25,000 people who live here.”

Litigation about rent overages is pending—the result of how some apartments were deregulated several years ago—but Al Doyle, the president of the Stuyvesant Town-Peter Cooper Village Tenants Association, doesn’t see this as a barrier.

“The litigation is separate and that will be traveling on its own track,” Doyle said. Garodnick agreed, and said that it was necessary to move forward in spite of it. “We don’t know how that will turn out,” Garodnick said. “So we can’t wait until that is resolved to get our process moving—that’s why we are proceeding now.”

Any plan would give Stuyvesant Town-Peter Cooper Village residents the option to buy their apartments at a discounted rate, though buying would be a choice, not a mandate. A block of affordable rental units would also be preserved, with government funding.

Barry Blattman, a senior managing partner at Brookfield Asset Management, said Wednesday that the company was “extremely proud to be a part of” the effort. “We consider a property like Stuyvesant Town-Peter Cooper Village to be one of the most important pieces of real estate, one of the most important presentations of what New York City is supposed to be,” he went on to say. “We fully understand what needs to be done and we're looking forward to being available to the community.”