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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.

Wednesday, October 14, 2009

Stuyvesant Town/Peter Cooper Village "Teeters"



According to the Wall Street Journal, it appears that a "special servicer" will be dealing with the debt over ST/PVC soon, no matter if Tishman Speyer wins the J-51 court case. Tishman Speyer's problems, which are mostly the problems of the suckers who invested at TS' urgings, are detailed in the article linked below:

Wall Street Journal

2 comments:

Anonymous said...

Note that 2 of the 3 largest investors are the State Pension Funds of CA and Florida. So trustees representing thousands of middle class state employees invested $750 million in a deal which had a stated goal of removing middle class tenants in Manhattan from their homes!!!!!!!!!!!!

Anonymous said...

It is clear that TS will have its equity slice removed from the PCV/ST pie--along with the equity and MOST of the debt financing for this transaction.

My question is: will they be allowed to continue to (mis)manage the complex after they default later on this year? If they are, that would be the ultimate insult to the tenants and the institution that were bilked out of about $4 billion.

I'm not gonna lose any sleep over the poor institutions but I would sure love to see these fools go elsewhere.