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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. They tend to be ignored, despite "the rules." 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. Sorry.

Saturday, August 22, 2009

More Bad Press For Tishman Speyer



Another media hit, this time from the NY Post:

Developer Tishman Speyer has nearly depleted a $650 million cash reserve needed to prop up iconic apartment complexes Peter Cooper Village and Stuyvesant Town, and thanks to an unresolved court case, can't replenish its coffers.

Sources tell The Post that the real-estate developer led by Chairman Jerry Speyer has had to put its fundraising plans on ice because the properties' revenue potential is tied up in the legal battle....

Under normal circumstances, savvy, well-respected developers like Tishman would simply go out and raise more money, either through loans or by selling stakes to new investors.

But an unresolved court case that could affect its revenues from the property is crimping those plans, sources said....

On Sept. 10, the New York Court of Appeals will hear Tishman's appeal of the decision. But even if the courts ultimately rule in Tishman's favor, sources said a decision could take months.

And until Tishman can answer if and when it can convert the complex's apartments to market-rate units, investors are likely to stay away from any deals the developer tries to put together.

"It's a material risk," said one real-estate lawyer. Losing the case will have a "very, very, very, very material impact," and investors just aren't willing to take the chance, he said.

Tishman officials declined to comment, but people close to the firm said the developer and its investors are banking on the cash reserves lasting through at least March or April, giving them time to rebuild the cash coffers once the case is settled....


The full article by Kaja Whitehouse is here.

2 comments:

Anonymous said...

We have to hope and pray that the judges can't be bought by the Bloomberg/RE machine. That would be the only way Tishman could win this case.

Anonymous said...

Even if we win this case, we still have to focus on pressuring our beloved representatives to make sure that rent stabilization is renewed in 2011; otherwise, this will all be for nought! Let us be very vigilante about keeping their feet to the fire on this one.