New York, NY —

Stuyvesant Town and Peter Cooper Village are situated on 80 acres of prime Manhattan real estate and late last year, the attempt to make it luxury housing failed. The owners, Tishman Speyer and Black Rock Realty, defaulted on the biggest real estate deal in American history. They turned in the keys and it will likely take months if not years to unravel this complicated deal. While the dust settles, tenants are pushing to buy the place themselves.

One resident, Arlynne Miller, has lived at this massive complex since 1976. She’s a professional organizer and you can tell. Her one-bedroom apartment is meticulously arranged, including all the art covering the walls. She says the place is far from luxury; there’s no doorman, the walls are thin, and she recently replaced the old kitchen herself. Still, it’s her home and she’s attached to it.

“Thousands of us have been here for decades. This is our home and especially the last four years have been especially rough here,” Miller says.

Miller and many other renters want more control of their homes and the complex in general. Miller is part of the Tenants Association and has been trying to get people to sign a so-called unity pledge. The document says:

“I am a tenant in an apartment located in Stuyvesant Town or Peter Cooper Village. In light of the recent notice of foreclosure of this property and likely sale, I want to stand with my fellow tenants to protect the affordability our homes.”

The document designates that the board of the Tenants Association is to negotiate on behalf of all tenants. It also explains that the form is not legally binding. Miller says people in more than 6,000 apartments have signed it so far--the complex has just over 11,000 households.

On a recent evening, Miller was out trying to collect more signatures and delivered her spiel to Jeffrey Touzey, 24.

“We want very badly to buy this complex, or if we can’t buy it, to partner with a socially responsible partner who will help us,” Miller says.

Touzey is eager to sign on and says he loves Stuytown. He calls it the best kept secret in Manhattan. He lives in a two-bedroom apartment with two others. A wall has been put up to create a third bedroom out of the living area.

“It’s great because we all just graduated, we all went to college in Miami, and we all went to art school. This was like the most affordable thing with our waiter jobs and acting careers,” Touzey says.

The three roommates pay roughly $3,000 in monthly rent. Miller says squeezing young people into apartments was seen as an easy way for Tishman to collect higher rents. Still, she’s grateful for Touzey’s signature and moves on. She comes across several other twentysomethings and one of the so-called “lifers,” a 22-year resident, Patricia Mullen. Mullen needs no convincing. She gladly signs the pledge as well.

“I know when we first moved in we thought it was going to go co-op then. We’ve been talking about this for years and years so in ‘88 we were sure,” she says. Miller assures her that this time will be different.

Whether Mullen, Miller or the others will be able to afford their apartments remains to be seen. The Tenants Association says it’s waiting for the complex to be appraised before it offers any concrete numbers. But that hasn’t kept tenants from talking and speculating.

Two other residents, Liz Taub, a social worker, and Granville Leo Stevens, a retired corporate lawyer say they’ve heard a variety of estimates from $250,000 for a two bedroom to under $200,000. Taub and Stevens are sitting on a bench in the park-like complex. Stevens is skeptical of the Tenants Association. He’s not on board with the Unity Pledge and says he needs more details about the property’s infrastructure. The old pipes are of particular concern to him. Liz Taub is also worried about the pipes. “The hot water is brown. It’s not a good situation. I’m not happy,” she says.

But Taub isn’t letting that deter her. She is anxious to buy and perhaps pass on the apartment to her two sons. She says this is Manhattan and things only go up in price, even in the worst of times.

Liz Taub and Granville Leo Stevens have both raised several kids at the complex. Stevens is frustrated by rumors and says tenants are being misinformed.

Another tenant, Anna Theofilopoulou, a retired UN worker, is also aware of the value of the property and she’s concerned about the potential competition. “If things keep moving then there will be more investors or speculators that could be tempted to move in,” she says.

The tenants are making every effort to compete. They’ve hired a white-shoe law firm and a financial advisor. The apartment complex is full of professionals: lawyers, accountants, and real estate brokers, who’ve all formed committees and are offering their expertise. And there are also the minor celebrities. While the tenants are talking, Dennis Rivera, a powerful health-care union boss passes by. There is also a state assemblyman, city councilman, and federal judge who call the complex home.

Stevens, Taub, and Theofilopoulou are all sitting at the Oval Fountain, the center of the complex, surrounded by beautiful large trees. The smell of lavender is in the air. Kids are playing soccer and skateboarding nearby while adults sit in the sun and read. It’s easy to see why developers may be itching to get their hands on the place.