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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. 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.

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


Meanwhile: Freedom of Information: https://www.foia.gov/

Friday, November 6, 2009

Now the "Special Servicer" Has the ST/PCV Mortgage

From The Observer:

The main $3 billion mortgage for Stuyvesant Town and Peter Cooper Village has been transferred to a "special servicer," according to the rating agency Fitch, a significant step taken when loans are in default or on the verge of default.

The owners of the giant 11,200-unit Manhattan apartment complex, a partnership led by Tishman Speyer and BlackRock, had just $24 million left last month in a reserve fund to pay off debt, and default was expected in a matter of weeks.

Typically, the transfer to a special servicer gives power to that entity--in this case, CWCapital--to restructure the deal, taking the power away from the owners given that they are unable to keep paying. Eventually, if the complex is sold, money would likely be returned to the main bondholders--entities such as Fannie Mae and Freddie Mac--though the complex has been given a value of about $1.8 billion, significantly less than the mortgage amount, so some bondholders would clearly take a loss.


More here.

2 comments:

Anonymous said...

So this is the fruits of your greed and viciousness, Tishman Stinking Speyer. You greedy, avaricious, stupid BASTARDS. This is your legacy and what you will always be remembered for.

Anonymous said...

Funny. When you click on the link for "more" an ad for Related Properties comes up. Funny because they managed a REIT called Charter Mac for years that invested in low income housing.

They had a model that could not lose. Backed by gov't funds. Providing low income housing and high returns to their equity investors. Went bust just over a year ago. Guess they were wrong, too.

Sound familiar?!?