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:
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:
http://www.cwcapital.com/News/Pages/DisplayItem.aspx?pid=120
UPDATE (for those who don't think there's a solid connection between CWCapital and CompassRock. Garodnick also has a say.):
http://www.crainsnewyork.com/article/20120829/REAL_ESTATE/120829870
ANOTHER UPDATE - Much of the same info, but now we get a quote from Adam Rose:
http://www.globest.com/news/12_426/newyork/multifamily/CompassRock-Becomes-Property-Manager-at-Stuy-Town-324706.html
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.
ReplyDeleteWhat 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."
ReplyDelete"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."
ReplyDeleteImproved 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.
Want to let CW Capital Vice-President Andrew MacArthur know what you think of him and his tactics here?
ReplyDeleteHere's his email address for:
amacarthur@cwcapital.com
According to Crain's NY today,
ReplyDeleteStuy 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: http://www.crainsnewyork.com/article/20120829/REAL_ESTATE/120829870#ixzz24xTb7gwo
Escape Stuy Town: A LOOK AT COMPASSROCK REAL ESTATE
ReplyDelete"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!
ReplyDeleteWait! This is all too confusing.
ReplyDeleteI need a "recap"...
@Anony 1:22 PM-Sad but true. BTW, in the Crain's article, Dan woke up.
ReplyDelete"'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.......
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.
ReplyDeleteIt appears that this will be the greatest carpet bagging caper since the Civil War
"Dan woke up."
ReplyDeleteI 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...
Garodnicked Again!!!!!!!!!
ReplyDeleteNational Best Practices.....WTF!
ReplyDeleteCompassRock 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!