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Friday, January 8, 2010

Default Time!

Today, Friday, according to the NY Times:

"The owners of Stuyvesant Town and Peter Cooper Village, the sprawling sister complexes overlooking the East River in Manhattan, will miss a $16 million loan payment on Friday, which would put them in technical default on their mortgages, and the 20,000 residents in limbo."

More here.

Why do I think this is just a ploy by Tishman Speyer to get a government bailout here. Watch Bloomberg.


From the Tenants Association:

The news that Tishman Speyer has defaulted on the $16 million mortgage payment due today, January 8th, is the sad, but inevitable result, of a predatory and speculative business plan designed to drive out long term tenants of a stable, middle-class community. The default is the first step in what will likely be a long legal process.

Stuyvesant Town and Peter Cooper Village tenants are understandably concerned about what this means for the community. Based on the information that is available to your Tenants Association, we believe that little, if anything, will change in the immediate future. Rent should still be paid in the same way it always has been paid. You should direct service and maintenance requests to the same telephone numbers or through the same web site as you have in the past.

However, we urge all tenants to join us in increasing vigilance with respect to maintenance and service and to report any gaps or lapses to us at our Message Center 1-(866)-290-9036) or through our website contact form <>.

As always, the Tenants Association will work closely with our elected representatives to ensure that CW Capital, the special servicer to whom control is now transferred, maintains services and the condition of the property.

The legal processes that begin today may also present opportunities for the tenants of this community. The Tenants Association, in concert with Council Member Dan Garodnick, Assembly Member Brian Kavanagh, State Senator Tom Duane and Borough President Scott Stringer – will ensure that the residents of this community have a seat at the table and that their voices are heard - loud and clear – in determining the future of our community.

Linked here is the letter sent to tenants on Wednesday by Council Member Garodnick. It has even more significance now that default is a reality.

Al Doyle, President
Stuyvesant Town - Peter Cooper Village Tenants Association


Anonymous said...

I noticed that the fountain has been off this morning.

Anonymous said...

Rob Speyer is so talented: he takes gold and turns it into lead.

Anonymous said...

A new title for The Boy Wonder-the Reverse Alchemist.

Jerry must be SO proud.

Anonymous said...

Jerry is just as bad as Rob. The apple doesn't fall very far from the tree. I don't think that Rob would have been able to go ahead with the purchase of PCVST without the permission and approval of Jerry. I doubt that Robbie can go to the bathroom without the permission and approval of Jerry.

Anonymous said...

The most important thing now is that Tishman Speyer get the hell out of Stuyvesant Town and go back to screwing up their business ventures without inflicting suffering on us. We have served our time in Purgatory under the stewardship of these bumbling, bungling thieves who would steal the gold out of your teeth as soon as look at you. What vermin!

Anonymous said...

From the reading the news articles attached, it seems that Rob and Jerry spread misery worldwide with their avarice and stupidity. I wish they'd both crawl back under the rock they out of - and I'm not talking about "Top of the Rock!"