Comment Policy

All comments to posts have to await approval. Approval does not happen immediately. NOTE: Comments reflect the opinions of the person writing them and should not be assumed to reflect the opinion of the blog.

Management has two priorities: 1) Making sure money is made, hence upgrading and filling up apartments is their goal. "Amenities" are important in selling the place, though few residents use them. 2) If someone needs medical attention, Public Safety will be there, if alerted.

Quality of life issues are not that important, however. Things like the carpet rule or outsider dogs. These "rules" tend to be ignored, on purpose it seems. So you will see a lot that isn't taken care of properly, and complaints will be met with a creative excuse and a smile.

"Peace and quiet" must be a cruel joke, though this property is sold that way. There can be no peace and quiet as ALL apartments must be upgraded, which includes the installation of an AC unit below the window. Aside from the continual construction about the neighborhood, there is a new and noisy subway extension being built along East 14 st and the shut down of the L line. "Choosing" to live in NYC, now the newest mantra, is a fabrication when the talk is of ST and PCV, which was traditionally quiet, with no construction noise.

Though money was always important, it is now more important than ever. Money rules many things, as you will find.

At this point, 30 years into living here and seeing many things, I can state that Management and their reps are BS-ing us. I can't say that loudly enough: We are being BS-ed. I don't see any genuine change, though the "selling" of this place is intense. Few of the "rules" will be enforced, as Management doesn't want to lose customers or potential customers. Where personal integrity is a hallmark of an excellent management style, this integrity is not seen in enforcing some of the rules.

Our Tenants Association is, basically, null and void. Oh, it is still around, but it lacks the will power to confront much of anything. The TA will ask for your dues, however. By now, the TA is a charade.

About those "club cars" we see going this way and that way, and outside of Stuy Town or Peter Cooper Village:

Thursday, August 13, 2009

A Bailout for Tishman Speyer?

As reported in the NY Post and subsequently on the Lux Living Blog, there's new legislation sponsored by Barney Frank making it's way through Congress that can theoretically help Tishman Speyer out with its financial problems with Stuyvesant Town and Peter Cooper Village. Titled "H.R. 3068: TARP for Main Street Act of 2009," here's the pertinent section of this bill that may help Tishman Speyer:


(a) Use of TARP Funds- Using the authority available under section 115(a) of division A of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5225(a)), the Secretary of the Treasury shall transfer $2,000,000,000 to the Secretary of Housing and Urban Development for use under the program developed under subsection (b) to stabilize multifamily properties that are in default or foreclosure, or have recently been foreclosed.
(b) Multifamily Mortgage Resolution Program- The Secretary of Housing and Urban Development shall develop a program under this subsection to ensure the protection of current and future tenants of at-risk multifamily properties, where feasible, based on criteria that may include--
(1) creating sustainable financing of such properties, that may take into consideration such factors as--
(A) the rental income generated by such properties; and
(B) the preservation of adequate operating reserves;
(2) maintaining the level of Federal, State, and city subsidies in effect as of the date of enactment of this Act;
(3) providing funds for rehabilitation; and
(4) facilitating the transfer of such properties, when appropriate and with the agreement of owners, to responsible new owners and ensuring affordability of such properties.
(c) Definition- For purposes of this section, the term ‘multifamily properties’ means a residential structure that consists of 5 or more dwelling units.

While I don't think Tishman Speyer could get its hands on this money (after all, TS can certainly get private capital to reinvest in STPCV and the company is not, overall, in dire straits), one can never tell how these things will go. No way should Tishman Speyer receive such funds unless there'd be a legal commitment to maintain affordable middle-class housing here.

This website tracks the progress of this bill through Congress.


Anonymous said...

As drafted in doesn't matter that TS is not in financial distress. The owners of STPCV are 2 special purpose entities set up by TS and those entities are likely in financial distress. Also TS can't get private capital to invest more money in STPCV.
I suggest everyone call Carolyn Maloney's office to have her add an amendment barring TS from these funds, at least unless they agree to stop deregulating apartments

Anonymous said...

I am going to do precisely as the first commentator suggested; this is an absolutely atrocious idea: Tishman Speyer don't need to be bailed out, they need to suffer the ignominious consequences of their own mismanagement. It is us, the tenants of Stuyvesant Town & Peter Cooper who need to be "bailed out" - saved from the continuing "mercies" of T/S.

Anonymous said...

In reference to your closing statements: you might want to consider reading Free Lunch by David Cay Johnston.