Comment Policy

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NOTE: Comments reflect the opinions of the person writing them and should not be assumed to reflect the opinion of the blog. Because of the anonymous nature of the commentary, specific agendas can be pushed by a sole individual and may not reflect a more popular belief by the residents of this community.

Thursday, October 1, 2015

Expected Losses for Specialty-Serviced PCV/ST

From the above article:

The next largest contributor to expected losses is the specially-serviced Peter Cooper Village/Stuyvesant Town (PCV/ST) asset (11.2% of the pool), a 56-building multi-family complex with 11,227 units located on the east side of Manhattan in New York City. The loan transferred to special servicing in November 2009. Subsequently, in October 2012 PCV/ST suffered damage from Hurricane Sandy; property restoration efforts have been completed. The special servicer continues to pursue the remaining claim amounts from the insurance providers and anticipates a resolution in the near term.

On June 3, 2014, the trust received title to the property via deed-in-lieu of foreclosure. On July 3, 2014, certain mezzanine lenders who had purchased their positions filed a complaint alleging that the deed-in-lieu breached the terms of the intercreditor agreement, among other claims. These mezzanine lenders are pursuing damages from the special servicer as senior lender. The special servicer filed an initial motion to dismiss on Aug. 18, 2014 and a motion to dismiss a second amended complaint on March 9, 2015. Status is pending regarding the motion to dismiss, but a final ruling is expected in the near term. Any potential sale of the property cannot occur until this litigation is resolved; therefore, timing of a sale remains uncertain.

In November 2012, the special servicer (CWCapital) announced a settlement to The Roberts Litigation to address historical overcharges and future rents for over 4,300 units. Final approval for the settlement was reached and implementation is now complete.

An updated 2015 appraisal and an updated operating statement are still pending, therefore, Fitch continues to model conservative losses. Property performance is stable with 97% occupancy as of August 2015.

Wednesday, September 30, 2015

Dan Garodnick vs. Microbeads

Dear Dan,

Thank you for taking up the important battle against microbeads.

Please don't forget us here in Stuyvesant Town and Peter Cooper Village. We are dying in a manner of speaking. And certainly Affordable Housing is on life support.

Yours sincerely,


P.S. - I think the current photo of you in the News, showcasing your serious and concerned look, is much more impressive than others of the same type I have seen, as impacting as those photos were. Definitely use this photo for promoting yourself to the voters for a higher office than the one you have already.

Monday, September 28, 2015


Seen the other day along the walkway corridor between the 500 East 20 St buildings, a frequent dumping and pissing area for dog walkers:

Now for a closer look at what was left behind: (Apologies for the graphic nature of the photos.)

Left side:

Right side:

Dog piss and shit stains and actual turds all over the complex! Thank you, CWCapital and CompassRock, for maintaining this place so impeccably. And thank YOU, Rob Speyer, who changed the no-dog policy here during his (failed) reign! Wish I could package these turds and send them over your way.

And now the chess tables are gone

Work will also start on the other side of the Oval, where more chess tables exist.

Thursday, September 24, 2015

Adam Purple 1930-2015

Not a Stuy Town story, but a New York one. Long-time New Yorkers will know him by sight. Another piece of NYC gone.

Saturday, September 19, 2015

NYU Volleyball Event at Playground 11

Now, what happens if the volleyball courts are already taken by non-NYU grad students? Will they be asked to leave? Will admittance be only for NYU grad students? Will ST/PCV key-cards be checked?

UPDATE: Sunday, post-5:30pm. Well, it didn't turn out as anyone expected. LOL. Four very nice Asian students, two guys, two gals. That's it. No bros. No shouting. No beer hidden away somewhere. They could have used some more players! All is safe and secure.

That's said, there was NO ONE checking who entered Playground 11. One gets the feeling that CW is trying to save money everywhere.

Friday, September 18, 2015

STR posts, the world shakes

Perhaps my "Stuy Town is a Disaster" post from last week has produced some movement on the part of management. The chess board area between Oval Cafe and Oval Study that I complained about is now under demolition as I write this.

Now, here's the question: What is going to take its place?

Please choose one:

1) New chess tables and chess area.
2) Nothing. Management, pissed, is telling STR and residents: "Take that, bitches!"
3) Vending machines.
4) Student housing.

Sunday, September 13, 2015

Stuy Town is a Disaster

I really think that no one cares. Perhaps some residents do, but that's about it.

Here's the morning Stuy Town sweeper zamboni cleaning up the Oval. Problem is that it does a lousy job (photo shows how lousy: all the leaves still remain after the zamboni's passage) and spreads noxious and harmful fumes in the air.

The photo may not truly tell the tale but this dog is huge enough for a child to use as a horse, fifty pound weight limit be damned. Public Safety has really dropped the ball in enforcing the complex's dog rules. We all know that, of course, but the question is whether the lack of enforcement is due to Public Safety or orders from above.

The chess table area between Oval Cafe and Oval Study is disgusting. Dog urine (pictured in photo), smudges of dog feces, cigarette butts, spilled drinks, food stains, flies, fleas, mosquitoes--it's all there to enjoy! The chess area and chess tables are never properly cleaned, with only Mother Nature's rain providing any type of effort. Management should post signs that no dogs are allowed inside that area, not only to stop the urine and crap stains, but also to prevent dog owners for placing their fidos on the tables!

A homeless man finds a nice place to sleep in Stuy Town. I don't begrudge him the sleeping quarters, but the question becomes how is it that our award-winning camera system and the eagle eyes of Public Safety did not see this?

I dunno. If it were my job to make sure Stuyvesant Town and Peter Cooper Village is maintained as best as possible (meaning, professionally), I would be supremely embarrassed with results like these, which are NOT atypical. And if I were a renter paying 5K or so for my apartment, I'd be furious. Even so, at 2K or thereabouts, we should demand that something be done to make ST/PCV more of a nice clean place to live instead of a slum. And where's the TA in all this? Its officers live and walk around the complex, no?