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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.

Our Tenants Association is, basically, null and void. Oh, it is still around, but it lacks the will power to confront much of anything. The TA will ask for your dues, however. By now, the TA is a charade.

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

Thursday, September 16, 2010

Ackman Loses - Auction of Stuy Town/PCV On (But not so fast - Ackman appeals!)

Bond holders who own a $3 billion mortgage on Stuyvesant Town/Peter Cooper Village will be free to auction off the massive Manhattan apartment complex after a state judge on Thursday rejected an attempt by a junior debt holder to win control of the property.

New York State Supreme Court Justice Judge Richard Lowe III's ruling is a defeat for William Ackman's Pershing Square Capital, which had sought to take control of the complex, commonly referred to as StuyTown.

The ruling lifts a September 10 stay that prohibited CWCapital, which represents the bondholders, from completing a foreclosure auction now set for on October 4.

A sale would be the final chapter on the 2006 sale in which an investor group led by Tishman Speyer Properties bought the 56-building, 80-acre apartment complex, for $5.4 billion, and became the poster child of the U.S. commercial property boom.

Its failure less than three years later is emblematic of the commercial real estate bust. The property is valued at less than half the 2006 price.



Pershing Square Capital Management and Winthrop Realty Services, the Stuyvesant Town and Peter Cooper Village junior debt holders whose attempt to gain control of the massive residential complex through foreclosure was stymied yesterday by a New York State Supreme Court judge, aren't walking away without a fight. The joint venture officially announced plans last night to appeal the decision, which allowed the complex's senior lenders to proceed with their planned foreclosure auction early next month. In a statement, the venture said it "strongly disagrees with the trial court's ruling and will appeal the decision to the New York appellate court and will seek to stay the mortgage lender's planned property foreclosure. If [Pershing Square and Winthrop are] unsuccessful on appeal, or if the mortgage lender is permitted to foreclosure prior to a successful appeal, the value of [the partners'] investment in the mezzanine loans may be lost." Pershing Square has invested roughly $36 million in the loans, while Winthrop has put in around $10.5 million, the companies said.

1 comment:

Anonymous said...

One less shark in the water. I wonder why I feel like the main course in a shark feeding frenzy.