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At this point, 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. They tend to be ignored, despite "the rules." 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.

Monday, August 27, 2012

Rose Associates Exits, CW To Take Over



The rumors, it appears, are true.  On September 1, CWCapital will be effectively taking over management of Peter Cooper Village and Stuyvesant Town from Rose Associates, which has been at the helm since Tishman Speyer left.  Expect more on this in the forthcoming Town & Village, but my guess is that, with much in place or being positioned to run relatively smoothly, CWCapital's move to gain operating control is a money saving measure, among other things.  Apparently CWCapital has more plans/ideas for this complex, too.  Stay tuned.

While there have been tenants who have vigorously railed against Rose Associates, Rose Associates was always the middleman in what goes on here and in a frequently uncomfortable position of needing to deal directly with unions, frustrated tenants and all the problems (illegal hotels, excess student population, furniture dumping, etc) that have arisen through the recent years in PCVST.  Now this is all going to rest on the shoulders of CWCapital.

I have had some minimal contact in the past with Adam Rose and have always felt that he was sincere in his desire to run this complex as best as possible for tenants (and, obviously, for the owner of PCVST).  For one, he made himself personally available to those whose problems were not being solved in the normal chain-of-command scenario.  Think back to the days of Tishman Speyer, and you will realize what a difference that was.  So the best to him and his crew.

How will CWCapital run this place?  As I started at the outset, I believe the company will fall into the groove, if they can, of how things are being run right now, but that we'll start seeing changes on the property.  Who knows?  Perhaps we'll see a Walmart, or its equivalent, here one day.  Or perhaps not.

Another interesting chapter in the history of Peter Cooper Village and Stuyvesant Town begins.

79 comments:

Anonymous said...

Andrew MacArthur of CW Capital, get ready for a world of trouble to be unleashed on YOU if things get even worse here than they already are.

Anonymous said...

Not sorry to see Rose Associates go. If they weren't so greedy and had any morals or ethics at all, they would have told CW Capital and Andrew MacArthur to take a flying leap long go for trying to destroy the quality of life in STPCV.

Anonymous said...

A Walmart? Go ahead, Andrew MacArthur, Vice-President of CW Capital, just try it. You're bending of the zoning laws - with the help of Councilman Dan Garodnick - has gone far enough, too far, in fact. You try to pull something like THAT and you will have a WAR on your hands! Guaranteed. No more lying, cheating "accessory use" designation claims out of you will be tolerated here. Don't believe me? Just wait and see.

Stuy Town Reporter said...

BTW, I do not know what plans, big or otherwise, CWCapital has for this complex. But they DO have plans.

Anonymous said...

Two years ago, CW was under the impression that the economy would once again pick up, and that if they dragged out Roberts long enough and kept throwing money away on gardening etc, the complex would once again be worth an estimated $5.4 billion, when the economy recovered.
But that has all changed now, as every leading economist believes that the U.S economy will be harder hit in 2013 than, it has been in the last 6 years, and with the collapse of Greece, Spain and Italy’s economy almost certain to happen in 2013, plus China and Brazil’s, economy showing signs of slowing down, it is not looking, dare I say it, Rosy for quite a while to come.
So now if the companies that own the debt that CW are holding, want to re coup there money, they know they need to sell quickly and get out before property prices devalue again. That is why they have been pouring money into the Oval atrocities, the storefronts along 1st Ave, etc, because they know they have to now sell soon and not wait any longer.
Rose are out, so are the parking garage company, for CW, it’s now or never.

Anonymous said...

We should have seen the writing on the wall when ImPark announced they were leaving on September 1st. A sign of bigger changes for sure.

Anonymous said...

Now I'm in a panic. Who will make my PBJ sandwiches?!?

Good riddance, Rosie!

Meet the new boss. Same as the old boss. We will get screwed again...

Gracie said...

Adam Rose must be elated to be rid of les enfant terrible, Andrew MacArthur. It's Andy Mac behind the awful events and Kubrick Cafe. It's a bad sign for us that, less than three years into their new contract, Rose is out. Whatever Andrew MacArthur has up his sleeve is going to be bad. Sharpen the knives STR.

Anonymous said...

I have no idea what we're in for with CW but I'm not sorry to see Rose go. Now that he's leaving, there's still nothing good to say except good bye. He tried twice and did a terrible job. No matter who gave the orders, his experience and presumed expertise should have made him able to do something right here. Good riddance.

Anonymous said...

And here I was all geared up to complain to Management about 40% of our washers being out of service (60% last week). Maybe I should just locate a washboard and take my laundry out into the current downpour.

Anonymous said...

CW fired Rose and Impark because they are putting STPCV on the auction block at the end of Summer and want to show low operating costs on the books. Which is also why they have been putting lipstick on the pig all summer long.
Our glorious, Tenants Association announced at a press conference in November that they had partnered with Brookfield and were going to place a bid to buy STPCV in the 2nd quarter of 2012, that time came and went, and when the TA was asked what happened, we were told that the deal was a little more complicated than they were expecting, but to rest assured, there new plan was to place a bid to buy, late summer of 2012.
Well folks, that is only 2 weeks away, which is why both Rose and Impark are out of here but of course so far we have not heard anything from the TA or Brookfield about buying the property.
And for those of you who think they are not telling us anything because it is a smart business practice, may I remind you that they already did tell us, so why now are we not hearing any updates from the TA/Brookfield?
Our J-51 Roberts lawyers are not allowed, by law, to tell us what is going on with working out the correct formula for recalculating the rents. But at least our very own TA, could let us know if they are on schedule with placing a bid or not?
And yes if it does go Co-Op or Condo, the board could vote to stop a lot of the QOL problems that have been plaguing us for the last 6 years.

Stuy Town Reporter said...

>>auction block at the end of Summer<<

I would be shocked to see a sale that early.

Anonymous said...

I agree with STR. No way are we going to see something happen that fast. Sure, they are putting lipstick on this pig but they will want to be able to show some profitable operating history before they can get "top dollar" in a sale. That has to be six months to a year.

As for the comment:

"And yes if it does go Co-Op or Condo, the board could vote to stop a lot of the QOL problems that have been plaguing us for the last 6 years."

The Board will still be responsible for making sure the project is financially viable. Sure, they can ban dogs but they still have to fill the apartments to keep up the rent roll. Expenses still have to be paid. Now that this place is hooked on the "crack" of NYU student dorm money, it will be hard to go through withdrawal.

There is a serious, ingrained problem in this community and it will not be easily or quickly solved.

Anonymous said...

Seeing as they have not announced a new management company the most likely explanation is that a sale is eminent. Whether that sale is to the TA and Brookefield or to another owner all together remains to be seen.

The comment above about the economy and housing prices about to tank is crazy talk - ignore that person. Educated 20 and 30 somethings are not moving back home to the burbs any time soon and real estate values in NYC are not going down.

Stuy Town Reporter said...

>>Now that this place is hooked on the "crack" of NYU student dorm money, it will be hard to go through withdrawal.<<

Absolutely.

Stuy Town Reporter said...

I wouldn't be fixated on this place being sold this year (certainly not) or even next year. Just saying....

Anonymous said...

Re: No way are we going to see something happen that fast.
Is that a joke? they have had 3 years to get it ready to put on the Auction block, and as another poster said, the economy is not going to re bound anytime soon. In fact it's going down the drain.
Do you think it's all just a coincident that they have been getting it ready all summer long, and have now fired Rose and Inpark, and the TA told us at the start of summer that they were placing there bid to buy at the end of summer?

Anonymous said...

Seeing as they have not announced a new management company the most likely explanation is that a sale is eminent. Whether that sale is to the TA and Brookefield or to another owner all together remains to be seen.

Agreed, CW is a in between, (between bond holders and their investments in case the sponsor (tishman) goes bust. They are not a managing agent of property, something is cookin,

Anonymous said...

Getting rid of Rose means that CW will have more direct control which will help them get the place ready for a sale. This is an important move for CW and for us. It will make CW more visible to us and help us gauge exactly what they're up to. Watch very carefully for signs that CW is already working very closely with Brookfield behind the scenes. I agree that settling Roberts and announcing a sponsor probably won't happen for close to 2 years. What you can expect to see are more dogs and lots & lots more students.

Stuy Town Reporter said...

>>Watch very carefully for signs that CW is already working very closely with Brookfield behind the scenes.<<

Seriously? From what I know, this is not happening at all!

Anonymous said...

Yes all signs are pointing to CW putting the property up for sale in September-Dec, this of course does not mean that the TA/Brookfield will be the highest bidder, and even if they are, the sale could take a good year to go through, once the bid is accepted.
There have been lots of behind the scenes deals going on over the last 3 years, and now it seems like we may actually hear something of significants in the next few months. There is no deal on earth that is going to please everybody, but this does seem like now the sale is eminent.

Hippo said...

The departure of Rose& Co. means absolutly nothing in the grand scheme of things. Rose was an incompetent management firm. CW Cap has a fiduciary responsibitily to the debt holders. They have NO concern for the tenants. It is their appointed task to MAXIMIZE income. Screw the tenants. CW Cap would fill EVERY apartment with college students if they could squeeze out an extra buck and get away with it. That is their job.
As far as the Tenants Association, what a joke...an incompetent, impotent bunch of fools. They have NO money behind their bluster. It is as if I offered a billion to buy the Brooklyn Bridge. Show me da money honey...uh, I don't have any...hahaha. Brookfield is looking for a quick in and out so they're looking to make a fast buck on the fools who would purchase their apartments. Nothing like having your monthly nut triple! The old rent-stabilized tenants are sure going to rush to buy...NOT. It would be economic lunacy.
So everybody just chill.
Nothing is going to happen for a VERY, VERY long time.
And you can take that to the bank.
Just one man's opinion, feel free to express your own.
Peace and love to all...except the vile Jerry and Robbie Speyer who should slip and drown in the dog shit...haha!

Anonymous said...

From CW's website:

"About CW Financial Services

CW Financial Services (CW) is a unique, vertically integrated commercial real estate finance and investment management company focused on multifamily and healthcare lending, primary servicing, special servicing, investment management, and research and consulting services. CW is operated through four subsidiaries:

CWCapital LLC (Lending and Primary Servicing)
CWCapital Asset Management LLC (Special Servicing)
CWCapital Investments LLC (Investment Management and Consulting)
Rockwood Real Estate Advisors (Advisory and Transactional Services)

With a specific focus on commercial and multifamily real estate debt, CW is recognized throughout the industry for our financial strength, intellectual capital, and innovative approach to managing and growing our business. We utilize these attributes to maximize value in each and every opportunity for our borrowers, investors and clients.

Today, the CW platform has grown to comprise approximately 460 employees in 17 offices across the country. "

Since nothing in that statement says anything about directly managing 11,500 apartments and they are solely a finance company I can't help believe that a sale has to be soon.

Anonymous said...

It's standard when an entity is about to be sold for whoever controls it to lower every possible cost--whether that means firing employees, reducing overhead (no new paper clips), or whatever. I'm assuming that CW figures it can cut out the middleman by getting rid of Rose and running the place itself (with Sean Sullivan in charge?). The other component, which we've all seen, is to make the entity look pretty, thereby disguising the rot underneath. CW's actions are classic textbook moves. The only timeline info I can contribute--if it's indeed accurate--is that I was told by the landscaping contractor that the PCV landscaping might not be completed until spring 2013. Another reminder: CW's time is running out to complete a sale. I imagine that they stand to gain financially if they do and will lose or even be penalized if they don't (not sure how these things work). We all have to hang together and hang tough.

Anonymous said...

"What you can expect to see are more dogs and lots & lots more students."

OH, NO!! The dogs I don't mind; the students I can't stand.

Anonymous said...

STR- Think about it. If there's a sale, CW has only one source for money: the winning sponsor. The more that sponsor is willing to pay, the more CW makes. But the sponsor cannot offer an extremely high bid unless it is assured of making a lot of money down the road. So the sponsor is willing to bid high only if CW is willing to do things that will eventually maximize sponsor profit...like make the place over to appeal to upscale buyers (are we seeing that?), allow all kinds of dogs (seeing that?), raise FMRT rents to legal limits to get rid of those who are stretched (happening), churn apts by renting to students ensuring a high number of vacant apts at time of big sale (happening), hold off big sale to allow for natural vacancies to develop (lots of delay already)...it's all happening right now. And it only works if there's some nice, reassuring hand-holding going on behind the scenes. What CW is doing only benefits the kind of plan that Brookfield has proposed where it really will make big money by selling off apts at market rates.

Anonymous said...



seriously I ALSO do not believe that CW is in any talks at all with the TA and or Brookfield. Nope.

That ship has sailed.

Tommyboy said...

Time to redeem yourself Garodnick! Make your plans transparent or you will be "Liu-Ed"

Anonymous said...

If CW is trying to fix this place up for a sale they must have forgotten about PCV because they didn't even bother to plant grass in many parts of PCV ,let alone do any landscaping. Large patches of what was formerly lush grass is now bare ground which turns into mud piles when it rains. There are small areas of PCV where some seeding and landscaping has been done but it looks completely ridiculous when juxtaposed with the large area of bare earth.

Anonymous said...

Ask Maurice! He's an expert! At everything!

Anonymous said...

Hipp, you calls it as you sees it and I think you sees it right!

Anonymous said...

I posted 4:12 PM.
Look at the circumstantial evidence posted that you've seen with your own eyes. Versus others saying "I don't think so." Show us the counter-evidence. Otherwise, it looks like this deal is online to happen. Only a lot of bad press can disrupt it.

Anonymous said...

Students are the perfect answer for CW. And CW won't stop them from partitioning...won't really do anything that students don't like for at least a couple of years. Because they are a great source of income, they can fill vacancies very quickly. Then they leave in a few years. The leases aren't with the schools. They are with the students. So the turnover is great for CW. Raise the rent with each churn. But when the big sale period comes around, the students will vacate over time & CW will just keep the units vacant so the new sponsor can sell them at market rate. Of course with an agreement like that, the sponsor will make more so the sponsor can also bid more. It's a perfect plan. Get ready for the student tsunami.

Anonymous said...

Well, I'm with Tommyboy on this one. Garodnick has a lot to answer for. Notice we haven't heard very much about this from our councilman lately.

Anonymous said...

I'm with Hippo. Throw in a good dose of what Anon August 27, 2012 3:54 PM said, as well.

That said, CW has to get it's ass in gear as time is running out for them and closing a deal is going to take time. They may be getting started but it will be a while before the ink dries.

Hey, anyone have an estimate of how much the TA wasted on all of those glossy brochures they slipped under our doors? Not to mention all of their other "efforts." Don't forget to mail in that membership check!

Anonymous said...

"Rose Associates was always the middleman in what goes on here and in a frequently uncomfortable position of needing to deal directly with unions, frustrated tenants and all the problems (illegal hotels, excess student population, furniture dumping, etc) that have arisen through the recent years in PCVST"

Rose was more than a middleman stuck between a rock and a hard place. In my opinion, they were the architects of many of the various failed strategies or enthusiastically pushed the limits of the failed Tishman Speyer stuff. The fact is that Rose sought the property management responsibility and, after almost two years, it is quite clear that they did not have the competence to deal with the issues and the tasks at hand. But, as with TS, thats what you get when the boss rises to the top mostly because he was born into it.

Remember also that Rose shares responsibility with TS for the fire door violations, for the use of tenant photos for marketing purposes without their written permission in violation of the law, for the failed effort to dump all of the items in storage rooms and for the failure to see that Security enforced the dog rules, etc., etc.

Yes, removing Rose does remove a cost to CW but CW will simply pass those fees on to itself and add to its income. And it is likely that the staff - maintenance, security etc will remain. The question is whether CW will be able to shape up those who need shaping up - particularly Security - so that things actually improve. That remains to be seen but, like many others, I am not holding my breath that things will actually get better under CW.

Anonymous said...

2006 - Met Life is gone! The dictatorship has been toppled! Things will get better.

2010 - Tishman Speyer is gone! Robbie and his goats have left the property! Things will get better.

2012 - Rose Associates is gone (again)! Things will get better.

2014?!? - CW is gone! They're selling me my apartment! Things will get better. Except it now costs twice as much and the elevator is broken and the pipes are rotting and all of the cabbages are dead and and and....

Does anyone else see a pattern here? Everything seems to get worse with each successive change.

Fans of the ice rink, the mosh pit, pressure walls and illegal hotels need not reply to this post...

Anonymous said...

Very sad state of affairs.

The Money God rules.

Anonymous said...

Check out the TA's latest. A conversation with Meredith Kane. lol. You can't. It's private. Poor Meredith. She's starting to show the strain of bs-ing us for so long. Can't wait to hear the TA tell us that Brookfield couldn't announce a plan by end of summer because ewery thing is so comwicated...they have to work so diwigently, it hurts their poor wittle heads.

Chris said...

Hippo-

One flaw with your logic--CW has to be out in five years; they don't get to be special servicer forever. Therefore an accepted bid this fall allows for the 18-month to 2-year AG approval and meets the timeframe for CW.

On a totally different note I recently got an email from a Roberts atty that made me think they were reconfirming the list.

Anonymous said...

What is the status with the FDNY inspecting all the fire doors? I think the FDNY should inspect each and every apartment that is rented here, even old time RS (to make it fair) and see what kind of fire hazard conditions exist here. We hear of people putting stoves in closets (OMG! I faint with terror at the thought!) and the kids in the chopped up apartments are in dire danger. I am a long term RS tenant and they can inspect my apartment any time they like. I will take the time off work to be here to accommodate them. I'm not talking about the kind of "for show" inspection that TS (may they rot in Hell) conducted, but a REAL, THOROUGH inspection of each apartment for illegal crap that could cost tenants and firefighters their lives. We know that these bloodsucking bastards who collect the rent couldn't care less about that. We are entitled to such an inspection and I think we should demand it because I know from the idiot frats shits on my floor and downstairs from me, they are always buzzed or drunk and have a thing about fucking candles. They also don't have smoke detectors. That's another thing the FDNY should inspect for. If it costs money to let the FDNY come in, then CW should pay for it. Just don't bribe the FDNY like the way the cops have been bribed to make like the Three Wise Monkeys.

Anonymous said...

Chris - is that "5-year limit" for CW true? I'd never heard that before. Where did you get that info? Also, regarding the Roberts atty email - reconfirming what list? The list of those affected in the case?

Anonymous said...

I am sorry to see Rose go. Adam Rose and Renee Riley helped me out when I had noisy neighbors downstairs from me and couldn't get a decent night's sleep. I wish them well and hope that CW works with us in the same way. Life is too short for it to be made hell by a bunch of silly kids who don't know how to behave in the grown up world. That's why this is such an inappropriate place for dorm use.

110Bennett said...

Hello. I'm a tenant at 110 Bennett Ave., and Rose started here last summer. Then they coordinated the sale of the property, and HAVE STAYED ON.
We have a new blog: RoseNYCtenants.blogspot.com
We are linked to you.

Anonymous said...

Just an observation.

If the TA plans to buy were to come to pass, management of ST-PCV would fall to Brookfield and Rose Associates would have been tits on a mule. So at some level Adam Rose had to oppose the TA deal I'd imagine, but cannot say for sure if, or what, he may have been whispering in CW Capital's ear.

Anonymous said...

"One flaw with your logic--CW has to be out in five years; they don't get to be special servicer forever. Therefore an accepted bid this fall allows for the 18-month to 2-year AG approval and meets the timeframe for CW."

While it is true that CW has to be out at a certain point in the next few years, the rest of what you say is NOT accurate. The approval of the Attorney General for a co-op or condo conversion plan is only relevant to the BUYER. Once the property is sold, CW could care less and has no interest in whether or not the Attorney General approves a conversion plan here.

Anonymous said...

"What is the status with the FDNY inspecting all the fire doors?"

In my building, instead of fixing the doors, they just stuck signs on them telling us to close the doors! Not all buildings have those signs on their stairwell doors. Does that mean we can leave the ones without the signs open? Is that an approved fix of the problem? We're really going to miss you, Adam!

Anonymous said...

"Hello. I'm a tenant at 110 Bennett Ave., and Rose started here last summer. Then they coordinated the sale of the property, and HAVE STAYED ON."

Good for you! NOW ROSE WILL HAVE MORE TIME TO DEDICATE TO RUINING YOUR COMMUNITY.

I bet you guys even have to make your own PBJ sandwiches...

Anonymous said...

Dear Hippo (A.K.A) Maurice
1) CW has to be out in five years; they don't get to be special servicer forever. Time is running out for them.
2) CW have been getting the place ready for a sale, for the last 3 years, and talking behind closed doors with would be buyers, and in the last 6 months, have been full speed ahead with, what they consider improvements to the property.
3) It was announced that the TA/Brookfield would place their bid to buy at the end of summer 2012.
4) Both Rose and Impark are exiting at the end of this month.
5) The investors who own the over $3 in Debt, know what is going on with the US and World economies and now realize that the property is not going to bounce back and be worth anything like $5.4Billion anytime soon. So there is no point waiting any longer, they know they need to re coup their money before the economy gets worse.
6) Tishman also wanted to kick us all out and replace us with high paying tenants/students, but found it was not so easy to kick us all out, so gave up and handed back the keys. So how do you think CW are going to do it?
7) A sale is the only way the $3Billion in Debt is going to be paid back.
8) The signs are all there for an eminent sale, and the only profitable conclusion is that the complex will go either Condo or Co-Op, there are no signs who the high bidder will be. But It’s safe to say that the TA/Brookfield are in the running.

tommyboy said...

It appears that time is on our side. If CW Capital is on the clock, then Stuy Town residents should go to the 4-corners and milk the clock. These are all ploys used commonly in negotiations. I do realize that is also the ploy to gain control of non-succeeded units.
Doing nothing seems to be a trend here. so make it work for us!
Bringing up the fact that this complex has lead pipes and requires exceptions or removal, this is a big card to play in any negotiations.

Anonymous said...

What Chris says is true, the 5 year max hold for CW is correct, its in the special servicer agreement.

Bottom line, CW is not a Real Estate management company, (in the day to day management sense) things are in motion. Someone said sometime from Sept - Dec, I second that.

Chris said...

About CW, I heard that at a TA house meeting. And in general, "Special Servicers" have a time limit .And yes, I was referring to the list of affected tenants.

Anonymous said...

Sorry, have to be nitpicky here. A sale may be imminent, but it is definitely not eminent.

Anonymous said...

You guys are saying what you want to happen with respect to a sales decision. But no sale will occur until Roberts has settled. CW has been clear about that. I see no signs of any announcement in sight, Roberts or otherwise. So some say yes, others say no. Let's see where we are by end of Sep.

Anonymous said...

"3) It was announced that the TA/Brookfield would place their bid to buy at the end of summer 2012."

It was also announced that TA/Brookfield "would place their bid" by April of this year. That didn't happen either.

Next thing we are going to hear is that they are making a "new year's resolution to place their bid" in January.

Whatever. The timing is irrelevant if it ever happens at all. It will be a bad deal.

Inquiry from the Tenants Association said...

To Anonymous‬ - August 28, 2012 8:50 AM.

You wrote, "In my building, instead of fixing the doors, they just stuck signs on them telling us to close the doors!"


Clearly, this is NOT an acceptable or appropriate solution to the problem. Can you please tell me what building you live in and what floor(s) these signs appear on so the TA can document the presence of these signs and take action? Thank you.

Anonymous said...

A good link to add, STR?

http://escapestuytown.wordpress.com/2012/08/27/cwcapital-asset-management-to-manage-stuy-town/#more-11

Stuy Town Reporter said...

Absolutely!!! Thanks.

Anonymous said...

"What is the status with the FDNY inspecting all the fire doors?"

In my building they filled the floor areas around the pipe. It used to be I could look straight down to the floor below, and the floor below that.

So it looks like work is being done. But I'd like an update as well.

Anonymous said...

During the last TA update, they mentioned that things were rolling along and thought it was counterproductive to discuss EVERY nuance of the negotiation process. They said they would provide an update in the next few months. I hope this recent video of Meredith isn't what they consider an update. She simply goes over everything that has already bee discussed ad infinitum.

Anonymous said...

"To Anonymous‬ - August 28, 2012 8:50 AM.

You wrote, "In my building, instead of fixing the doors, they just stuck signs on them telling us to close the doors!"

Clearly, this is NOT an acceptable or appropriate solution to the problem. Can you please tell me what building you live in and what floor(s) these signs appear on so the TA can document the presence of these signs and take action? Thank you.

August 28, 2012 11:26 AM"

8PCR. The back door doesn't close, either. C'mon in! Apparently, everyone is welcome...

Anonymous said...

After 60 comments on this tread, this is my recap:

Until Roberts is settled, the sale/conversion process will not move forward..
CW Capital has a five year tenure here as the holding company. They could file for extension (?) but that is not probable.
The QOL here will definitely spiral downward even more due to the removal of Rose Associates who acted as a “buffer”. That "buffer" was greatly shredded in the past year.

Inquiry from the Tenants Association said...

Anon - August 28, 2012 1:50 PM. Thank you for the information. The TA will look into this matter.

Fed Up Tenant (the original) said...

Since when are Special Servicer, CW Capital, and its despicable Vice-President, Andrew MacArthur, in the business of actually managing the DAY-TO-DAY, nitty-gritty needs of a highly unique, residential property like ours??? And what kind of hubris even makes them think that they are remotely qualified to do so???

Andrew MacArthur has already proven himself – repeatedly – to be an utter disaster as an overseer here. It is directly because of his abominable leadership that we have experienced the worst decline in quality-of-life that we have EVER had. Who has a skating rink installed – at great expense and without quality-of-life consideration for the tenants living nearby – just because his kids think it would be cool??!! Only a narcissistic, wasteful fool. That’s who.

Anonymous said...

"The QOL here will definitely spiral downward even more due to the removal of Rose Associates who acted as a “buffer”. "

Or, maybe, Rose acted as a catalyst to the downward spiral and their exit will stall the further rape of the community. Or not. Time will tell.

Anonymous said...

After 62 comments on this thread, this is my recap:
Roberts will be settled in the next month or 2 so that CW can make the sale. If not they will lose there control at the end 2013. Extensions are not granted for nothing, if they just sit on the complex for 5 years and do not attempt to sell, that is not a reason for extending there time here, they have been dragging out Roberts for the last 3 years, in hopes that the complex would go back up in value, but now the creditors can see that the economy is not picking up anytime soon, so all they are interested in doing now is getting there $3Billion back ASAP. Once we the tenants become owners we will be able to form our own Co Op or Condo board, and take care of most of the QOL issues that have been troubling us for the last 6 years.

Anonymous said...

12:23 PM Anon - right. There was little or nothing new in what Meredith Kane says. If some info hadn't been covered at the TA sites (like the process with the AG), it's been mentioned here and at other sites. So why post it? Because...there has been one delay after another from Brookfield & the TA (as Brookfield's salesman) knows it's starting to lose credibility. So they send in Meredith Kane to sound comforting & do some hand holding. Just more bs from the TA while you're waiting for the beef. And maybe prepping you for some ore delay.

Anonymous said...

We have a new property manager: CompassRock Real Estate.

Here's their website: http://www.compassrockrealestate.com/

Who knows what we're in for this time around. Probably not going to be good.

Anonymous said...

Love CompassRock's tag line: Live. Life. Better.

Yeah. Sure. Don't hold your breath.

According to their website, they also manage the Riverton Square Apartments that someone on Facebook said Rose Associates was dropped from recently.

Tommyboy said...

Jan. 17, 2012
David Woodward Forms CompassRock Real Estate LLC
Denver—After a career providing leadership and strategic vision to Laramar Group and Archstone, two multifamily real estate firms, David Woodward has formed a new property management firm, CompassRock Real Estate LLC. Woodward has secured CW Financial Services as a financial partner. CompassRock’s initial focus will be on the management of assets in CW’s special servicing portfolio.

A 20-year veteran of the industry, Woodward has secured property management, asset management, construction management and receivership assignments. In addition to the management of conventional apartments, CompassRock will have divisions specializing in student and senior housing. The firm will commence operations in 15 markets throughout the balance of 2012 and will add another 10 markets in 2013 to complete its national footprint.

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tommyboy said...

Andrew Macarthur is associated with Compassrock Real Estate LLC and holds several roles such as Manager and Manager. Andrew Macarthur has 5 known relationships including David Iannarone, Gordon Smith and Charles Soetka and is located in New York, NY.

Anonymous said...

After reading two recaps, I'd like you to stop writing them.

If we need a recap, the moderator can provide one.

Anonymous said...

After reading two recaps, I'd like you to stop writing them.

If we need a recap, the moderator can provide one.>>

Who the hell are you to tell people what they can and cannot post, not matter what you "would like" them to do? If STR lets the posts through, then obviously he has no problem with them and he (not you nor me) is The Moderator. If you don't like certain posts, then just don't read them.

Anonymous said...

To recap, we have had a complete freak out by irrational shut-ins, a series of short paranoid conspiracy theory talking points proposed every three minutes, an internal disinformation war between residents who just want to find out information about a big change that will affect their lives and the self-titled posting police reinventing the rules of blogging to bar recaps.

In sum, after a clusterfkuc of insanity, we all need to regroup to determine the lessons learned and our next steps.

And I can summarize our short-form posting rules going forward so we can review them, then come together to get the gist and give each other the thumbnail sketch of our comments, and finally, give a recap so that there is no confusion.

Does that sound like a fair summary of our overview discussion. If so, let's get out the cliff notes version of our action plans going forward and come up with some short bullet points to highlight the important issues.

Anonymous said...

Well said Anonymous August 29, 2012 12:51 AM
In my humble opinion the most important issues are.
1) Resolving Roberts as quickly as possible.
2)Monitoring the TA/Brookfield Bid. And sending a clear message that we will only buy in, if the price is affordable, e.g $315 PSF.
3) (if we do ever do get to buy) forming a Condo or Co- Op board, that can vote to resolve nearly all of the QOL issues that have been such a problem for the last 6 years.

Anonymous said...

This is about the last place I'd come to for yuks, but thanks to 12:51 AM for providing a few just now. Well aimed, well delivered.

Now back to the regular programming.

Anonymous said...

Anon 12:51 AM - That was GREAT! Thanks for the laugh!

Anon August 28 10:11 PM must be apoplectic! Serves him or her right.

Anon August 28 10:11 PM you have a lot of nerve telling people to stop posting recaps. Who died and made you king (or queen)?!

Anonymous said...

"To recap, we have had a complete freak out by irrational shut-ins, a series of short paranoid conspiracy theory talking points proposed every three minutes, an internal disinformation war between residents who just want to find out information about a big change that will affect their lives and the self-titled posting police reinventing the rules of blogging to bar recaps. In sum, after a clusterfkuc of insanity, we all need to regroup to determine the lessons learned and our next steps. And I can summarize our short-form posting rules going forward so we can review them, then come together to get the gist and give each other the thumbnail sketch of our comments, and finally, give a recap so that there is no confusion. Does that sound like a fair summary of our overview discussion. If so, let's get out the cliff notes version of our action plans going forward and come up with some short bullet points to highlight the important issues."
I COULDN’T AGREE MORE – THE POSTERS ON THIS BLOG ARE EXTREMELY DRAMATIC AND OBSESSED. I PICTURE CHAIN SMOKERS SITTING AT THEIR MONITORS 24 HOURS A DAY JUST WAITING FOR SOMETHING TO POST!

Anonymous said...

I so wish there was a "like" button on this blog.