The Man Who is Helping a Tenant Buy of ST/PCV?

If you been listening to the Tenant Association and politico ST/PCV talk a few weeks ago, you may have been made aware that someone is helping the tenants, behind the scenes, in their attempt to acquire Stuyvesant Town and Peter Cooper Village.

Could this be the man?.....



Read on, from NY Observer, Eliot Brown reporting:

It was something to be avoided. As America’s biggest foreclosure waiting to happen, Stuyvesant Town and Peter Cooper Village was viewed by the financial world as a $6.3 billion bet gone bad.

David Tepper saw an opportunity.

Founder of the high-risk–high-yield hedge fund Appaloosa Management, Mr. Tepper is the king of sniffing out the undervalued among the distressed, often realizing fantastic returns. After betting big on banks at their nadir in early 2009, he topped AR: Absolute Return + Alpha magazine’s list of the year’s top hedge fund earners, raking in an estimated $4 billion for himself.

Now, after buying more than $800 million worth of bonds that control Stuyvesant Town within the past year and a half—many of them risky—he is muddying up the giant foreclosure on the property, showing that he has no interest in watching from the sidelines. In late February, he filed legal action to steer the property in a new direction, in a bid to protect—or maximize—his investment, an action being fought by the special servicer organizing the foreclosure....

Mr. Tepper’s aim, of course, is transparent: He simply wants the value of Stuyvesant Town to return to at least $3 billion, the initial value of the mortgage. That way, he can realize a maximum return on his investments.

The best solution, he said, is for the tenants to buy it themselves—a plan they are pursuing—as they have the ability to pay more given that the apartments could quickly be converted to condos or co-ops.

Mr. Tepper’s advice to the tenants: Act fast, as the markets are improving.

“Nothing would make me happier than to see 11,000 new homeowners, if the first mortgage is paid,” he said. “The way things are going and the way things are improving, I hope they act fast for their sake.”

Full article here.

Skateboarding Ban

No, skateboarding is not banned yet in Stuy Town. But it should be.

Two reasons:

1) The cracking, slamming noise is probably the most obnoxious noise in Stuy Town and sure to disturb everyone's peace.

2) Skateboarding ruins steps and the sidewalks, or anything else a skateboarder may wish to play on.

Now, some would add a third reason: The safety of the skateboarders themselves. I've no such concerns, however. If you want to fracture one of your bones, go right ahead, just don't wake me up while you are doing it.

The Good, the Bad, and the Ugly

Kudos to the Security Guard on Saturday around 5:15 pm who actually made bicyclists get off their bikes as they tried to pass him by. He was stationed, for a bit of time, in front of the northern Oval playground (#10). Of course, once these cyclists were out of his view, they got back on their bikes. But an attempt was made. And the no bicycle riding sign is back up at the Oval guard booth.

Today, Sunday, was a disaster. Those green rails were back and no security was around to make riders get off their bikes.

On top of that... is Playground 10 for the use of sunbathers and picnics???

Pretty arrogant to set yourself up there when it's supposed to be for the use of those who want to participate in recreational play, including, many times, children. Fuckin' NYU hogs.

And what's up with the sunbathers on those mini-golf mounds? Right in front of the guard booth--and today with a dog plopped on the grass there, too!

Oh, and if you think I'm a dog hater, you are wrong. This is my favorite dog in the world, and I want to invite him to Stuy Town....

Happy Easter!

It was a happy time, it was a mythical time--when Stuyvesant Town at Easter was filled with flowers and lovely landscaping. Yes, such a time did actually exist before Tishman Speyer came to own this complex. And now we have the above, a photo taken today of the Oval "garden" on Easter Day.

Pathetic Security Gives Up on Stuy Town

Faced with a lack of motivation and will power from higher powers (including our rotund Security Chief) to make sure that the rules of Stuyvesant Town and Peter Cooper Village are being followed, our complex's security force has just about given up. They've taken down the sign at the window of the Oval guard booth which said that bicycle riding is prohibited and have put in place those ugly green barriers at four Oval points to slow down, but not stop, cyclists. These barriers are a godawful visual blight and are a pain in the ass to both pedestrians and joggers, who must twist their bodies to maneuver through the maze. WHAT A FUCKING STUPID IDEA. Whoever thought of these barriers should be FIRED.

Furthermore, security is now allowing impromptu dog runs right in the Oval area, with gatherings of dogs off leashes and the continual use of the garden and grass areas by dogs.

Security may as well start wearing badges that state "I Surrender." What a sorry state we are in now.