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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 15, 2009

Tishman Speyer and BlackRock's Interest Reserve on STPCV Could Deplete in Four Months


From Reuters:

NEW YORK, Aug 14 (Reuters) - The borrowed interest reserves that were part of the loans used to buy Manhattan's Peter Cooper Village and Stuyvesant Town apartment complexes could run out in four months, according to a Credit Suisse report.

The interest reserves on the property fell to $56.5 million at the end of July, down from the $400 million at the time of the underwriting, according to the report.

About $13.3 million of is was used in July, the analysts said in the report released on Thursday.

"If interest reserve drawdowns continue at this rate, there are about four months left until the reserve is depleted," analysts wrote in a research note.

Tishman Speyer and BlackRock Inc (BLK.N) purchased the 110 apartment buildings on 80 Manhattan acres from MetLife Inc (MET.N) in 2006 for $5.4 billion. They intended to boost revenue by converting rent-stabilized apartments into market rent apartments.

As of March 2009, 61 percent of the units were rent stabilized, unchanged from the end of 2008.

At the time of the purchase, the $3 billion senior mortgage loan was broken into parts and spread across different commercial mortgage-backed security (CMBS) trusts.

Tishman Speyer Properties is trying to appeal a recent New York State appellate court decision that could return certain recently deregulated apartments back to regulated status. (Reporting by Ilaina Jonas. Editing by Robert MacMillan)

2 comments:

Anonymous said...

Excellent use of the Mr. Moneybags, STR!

Anonymous said...

Yeah, poor Ol' Jerry! :(