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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:

Wednesday, August 29, 2012

CWCapital's View

This will explain a lot.  Including how CWCapital prides itself on reducing "management fee" by 33%. (CompassRock, the new management firm of PCVST, is joined at the hip to CWCapital, the latter being its financial partner. This crucial fact is left out of this PR piece.) And, yes, CWCapital states that it has "improved the resident experience."  That's the reason Oval Cafe was created, of course, and why you will see more "improvements" to the resident experience.  Never forget, these people don't care what YOU think but how they can promote the property.

Here goes the official statement from CWCapital:

New York – August 28, 2012 – CWCapital Asset Management LLC (CWCAM), a subsidiary of CW Financial Services, announced today strong financial performance at Peter Cooper Village/Stuyvesant Town. Since taking control of the asset in October, 2010, CWCAM has focused on stabilizing and creating value for the asset. Working together with current Property Manager Rose Associates, CWCAM has renovated and leased over 900 vacant units and successfully restructured the union agreements on the Property, resulting in labor stability for the next several years and enhanced flexibility to manage the union labor force. 

Early in 2012, CWCAM led a management restructuring that included re-assigning senior executives and re-ordering functional departments to better manage on-going projects and increase operational efficiency.   As a result of these enhancements, CWCAM has increased NOI since taking over by more than 45% on an annualized basis

“I am very proud of the results at Peter Cooper Village/Stuyvesant Town,” said Charles Spetka, CEO of CW Financial Services. “Since taking control, we have realized significantly improved financial performance and at the same time improved the resident experience. Our intent is to continue both trends.”

More here:

UPDATE (for those who don't think there's a solid connection between CWCapital and CompassRock. Garodnick also has a say.): 

ANOTHER UPDATE - Much of the same info, but now we get a quote from Adam Rose:


Anonymous said...

If CW Capital wants to take credit for reducing management fees by 33%, it also need to take responsibility for reducing STPCV's tenants' quality of life by a lot more than THAT under its rein.

Anonymous said...

What they are really saying is: "We have screwed the unions, fired people, built useless "amenities" that look good even though tenants don't want them; we've skimped on safety, cleanliness and building maintenance and churned units by renting them to students, transients and anything with a pulse and a check book. We've worked hard at pissing off and [trying] to intimidate the longtime real rent stabilized tenants because we want them out dead or alive. We've stalled Roberts, flipped the bird at the TA and put a goofball in charge of further birdie flips. We've bribed all the requisite pols and agencies, veneered the shit and are just about ready to rock and roll."

Anonymous said...

"I am very proud of the results at Peter Cooper Village/Stuyvesant Town,” said Charles Spetka, CEO of CW Financial Services. “Since taking control, we have realized significantly improved financial performance and at the same time improved the resident experience. Our intent is to continue both trends."

Improved the resident experience? That claim is made based on what exactly? I bet CEO Spetka has never even SEEN, let alone SPOKEN to a resident here! Thanks to STR, Lux Living and the TA's Facebook page, the world knows the truth, Mr. Spetka, even if you don't.

Anonymous said...

Want to let CW Capital Vice-President Andrew MacArthur know what you think of him and his tactics here?

Here's his email address for:

Anonymous said...

According to Crain's NY today,

Stuy Town gets new manager with familiar roots
To run the sprawling residential complex it took over in 2009 on behalf of debt holders, CWCapital Asset Management taps its own fledgling management arm, ousting Rose Associates Inc.

Read more:

Anonymous said...


Anonymous said...

"fledgling management arm" That is scarey! That means they don't know shit from shine about running a property! Bring back the blue-haired old ladies from the MetLife days! They knew what they were doing!

Anonymous said...

Wait! This is all too confusing.

I need a "recap"...

Anonymous said...

@Anony 1:22 PM-Sad but true. BTW, in the Crain's article, Dan woke up.

"'Members of our community are wary about the change," said City Council member Daniel Garodnick, who lives in the complex and represents its residents. He added that since CompassRock is a new company, "almost by definition it has little experience managing properties such as this.'"

Now please go back to sleep. Sorry, you approved, along with all the other CC real estate slugs (except one) the very destructive NYU expansion plan.
Fool me once.......

Tommyboy said...

So they put warehoused apartments back on the market, raised rents that they may possibly have to rebate on latter. Screwed the painters & carpenters union thru Rose associates fronting for them.
It appears that this will be the greatest carpet bagging caper since the Civil War

Anonymous said...

"Dan woke up."

I suspect that he will rest peacefully after this brief interruption.

Perhaps the Rock will make a contribution to his campaign and he will see the merits of the transition to this fine, fine real estate management company. And we will all benefit once they transition the property to the stewardship of their deep institutional experience and bathe us in their national best practices.

I can already feel the love! This is going to be great...

Anonymous said...

Garodnicked Again!!!!!!!!!

Tommyboy said...

National Best Practices.....WTF!
CompassRock is looking for experienced managers concentrationing.on Student Housing and the Elderly......I kid you not!
This whole set-up stinks, Something is rotten in Denmark,......err I mean Stuyvesant Town.
You have just been Garodnicked Again!