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Wednesday, August 29, 2012

The Team That's Going to Take Care of Us

Here's the crew:

http://www.compassrockrealestate.com/regional-leadership

Note Fred Knapp is present and accounted for.

In case you don't know who Fred Knapp is, well, he was around during Tishman Speyer days when many residents had to go to court to prove their residency in PCVST. The NY Times called Knapp "the scourge of illegal tenants."  Perhaps he'll be dealing effectively with the illegal hotel situation in PCVST.  Or perhaps he'll have his sights set on different imperatives. More about Fred here:

http://www.nysun.com/new-york/private-eyes-will-prowl-apartments/48326/

UPDATE:

Interesting quote from here:
http://online.wsj.com/article/BT-CO-20120530-706050.html

"Critics of servicers also are concerned that they may sell assets to affiliates at lower prices than they could get on the open market. They also worry that servicers may be influenced by the fees they occasionally receive from borrowers or their use of affiliated companies to provide appraisal or other real estate services."

CompassRock is an affiliate of CWCapital.

53 comments:

Anonymous said...

Oh they'll take care of us alright!

New Bud Perrone said...

They take the war on what's left of the middle class very seriously!

Anonymous said...

We'd be much better off with Fred Mertz!

Gone are the days of reckless commercial construction and back to the even more scummy days of reckless persecution.

Everything old is new again.

Stuy Town Reporter said...

Hopefully we won't seek reckless persecution. The noise that would erupt would not be good publicity for a landlord.

Anonymous said...

Yes...they are a part of the war on the middle class here. So Fred Knapp is on for the same reason T-S brought him on. To get out illegals. The prime target is anyone who is paying a low rent. Also, believe it or not, the service is going to get better. Why? Because it helps the big sale. You may indeed get better washing machines. The modus operandi is to make the place look great to well-heeled outsider buyers. Brookfield is looking to make out long term; CW will do everything it can to help them.

Stuy Town Reporter said...

I wouldn't place any value in the idea that Brookfield is going to be the final purchaser of this property.

Anonymous said...

Fred Knap = sleaze factor. Lovely. Fasten your seat belts; it's gonna be a stormy ride.

Tommyboy said...

Take care of who?
Going back to the business plan of free-ing apartments by threat & persecution.
This is surreal

HAL 9000 said...

Catch 22-”This time Milo had gone too far. Bombing his own men and planes was more than even the most phlegmatic observer could stomach, and it looked like the end for him. … Milo was all washed up until he opened his books to the public and disclosed the tremendous profit he had made. ”

Isn’t Milo Minderbinder part of this new team?

Anonymous said...

It's doubtful that Fred is looking at illegal hotels. If that had anything to do with his job, he wouldn't have his job.

Stuy Town Reporter said...

Interesting quote from here:
http://online.wsj.com/article/BT-CO-20120530-706050.html

"Critics of servicers also are concerned that they may sell assets to affiliates at lower prices than they could get on the open market. They also worry that servicers may be influenced by the fees they occasionally receive from borrowers or their use of affiliated companies to provide appraisal or other real estate services."

CompassRock is an affiliate of CWCapital.

Anonymous said...

I would also not place any value at all in Brookfield being the purchaser. Aint going to happen folks. Wait and watch the new landlord......

Anonymous said...

It all sounds very underhanded and sleazy to me. Something very dirty about CW.

Anonymous said...

I'm not locked into thinking that Brookfield is going to be the winner either. But a condo plan seems to fit CW's direction. It will take more time, will favor dog owners and condos are more appealing to the upwardly mobile (they can usually be turned over much more easily than co-ops). I'm also mindful of what's been written so far. The press has favored the TA in all instances and of course there was the JP Morgan report. What evidence or information do you have to doubt Brookfield. I don't think the NY real estate industry is particularly known for its subtlety.

Anonymous said...

The New York real estate industry makes the Gambo crime family look like neophytes.

Anonymous said...

Brookfield will not be a dog friendly entity. However,another entity will in fact buy Stuy Town and they will convert to condo and they will be extremely pro-dog. The bid has already been places and was accepted. The prices will be $300 per square foot with discounts for unrenovated apartments. All restrictions for sizes and breeds will be removed, as well as any restrictions on the amount one may harbor. They will have a maintenance staff dedicated to removing any residual waste from said dogs left on the grounds. Furthermore, dog owners will not be required to pay extra for this service. Indeed, it will be an extremely dog friendly environment as it should be. By the way, you can take all this to the bank!

Stuy Town Reporter said...

It's nice to lie back and fantasize, isn't it?

Anonymous said...

Pardon me, Sir, but the conversion blog is two doors down the hall on the left.

Thanks for visiting...

Anonymous said...

exactly, STR.

Anonymous said...

12:37 AM...anon: That's a joke right? We're all supposed to be laughing. If not, please name the winning company. What makes you so sure? Also to STR...why are you saying it's not Brookfield? What's the scoop? BTW, I'm not a Brookfield supporter by any means.

Anonymous said...

More that you can take to the bank: CW is going to install huge washers and dryers (like they have in real apartment complexes) which will be free of charge, with complimentary detergent, softener AND there will be an attendant to clean each machine after use. They are also going to provide free house-cleaning services to the elderly AND they are going to evict any and all students who come home at 3 am and wake up the real tenants. Got that from a very reliable source. Andy Mac himself, in fact.

Stuy Town Reporter said...

It's nice to think up of hilarious scenarios, isn't it?

Stuy Town Reporter said...

BTW, I am not passing through, and will not pass through, comments that are purposely inflammatory toward the Tenants Association. At this point in time, it is CRUCIAL that we as tenants stick together, and the TA is the only organization we have that facilitates that endeavor. If your criticism is a genuine one, without the purposeful provocation, it will pass. Otherwise, no.

Anonymous said...

BTW, I am not passing through, and will not pass through, comments that are purposely inflammatory toward the Tenants Association. At this point in time, it is CRUCIAL that we as tenants stick together, and the TA is the only organization we have that facilitates that endeavor. If your criticism is a genuine one, without the purposeful provocation, it will pass. Otherwise, no.>>

I am very glad to hear this. I am not a "ranking" member, just a dues-paying member and I appreciate what the TA does and tries to do.

Anonymous said...

I am not currently a dues-paing member of the TA. But I would like to join ASAP. How does one join?

Anonymous said...

Think we can all do without these troll types.
On QOL issues there's no doubt the TA as been terrific. So far as conversion is concerned, the jury is very much still out.

KMS said...

" Anonymous said... By the way, you can take all this to the bank!"

To Anonymous: if you are so certain of your statement, would you be so willing as to cite your source?

Stuy Town Reporter said...

For TA membership/due/donations, check here:

http://www.stpcvta.org/

Tommyboy said...

Doing just the minimal of research, CW is involved in 3 similar properties whereas the business plan started with registering all tenants thru the usage of keyless entry cards, next to evict/ re-acquire as many non-market rate apartments to increase revenue. All three failed, have they formulated a new plan, Knapp's presence in the new regime would support this theory. CompassRock's formation earlier this year appears to be a planned business model for big brother CD Capitol to make the selling of the property more attractive with a mgt. team understanding it's days are numbered. To propose a recently formed company with great National ideas? Is qualified for nothing more than a temporary custodianship is outlandish.
Thank You

Let's hope there is a deal in place and both Rose Associates & Brookfield were pawns in a much bigger play.

Anonymous said...

Can we talk about Kubrick Cafe again? The finally filled the outdoor spittoon / latrine with flowers! Juts in time for fall... when they'll be replaced with... CABBAGES!

Stuy Town Reporter said...

I will be taking pictures!

Anonymous said...

Tommyboy, I don't follow your train of thought. Could you restate that with real sentences, please?

Anonymous said...

Does anybody else find it odd (and perhaps a bit dubious) that in this week's issue of T&V CW spokesman Brian Moriarty is quoted as saying there are "no active discussions with respect to a sale of the property" while the TA just released a video of Meredith Kane (our attorney) saying that they are currently in the negotiating phase with CW Capital? She says this during the final part of the video.

As I have mentioned in a prior post, at the beginning of summer the TA said they were going to provide and update on the status of said negotiations which, according to Brian Moriarty, aren't taking place. I'm starting to get a tad confused.

Anonymous said...

The conditions here are horrible - they are planting flowers!

HAL 9000 said...

After my run this morning, I went by and saw the plantings in the Kubrick moat. CW Capital will spin this as this was the original intent. I don’t think so.

Coming soon to Amazon as a Kindle Edition: "A Patio Too Far” (My apologies to the Cornelius Ryan estate)

Anonymous said...

Meridith Kane is a liar. Plain and simple. Any special servicer has the exact same job: to sell to the highest bidder. Don't you think that there are plenty of firms that would bid on the property when it goes on the market? IT IS NOT YET ON THE MARKET, PEOPLE!

Anonymous said...

Not sure. If CW has been negotiating secretly with Brookfield/TA advisers only, that might be the basis for a lawsuit brought by the other sponsors. Believe this is supposed to be an open bidding process.

Anonymous said...

Sorry. I don't see where Meredith Kane says that they are negotiating with CW now. Toward the beginning of the video ( :35) while discussing pricing she says "once CW has decided whether or not it's moving forward in negotiating with us.."
That's the only mention of negotiating. Please cite the time in the video where she says they're negotiating now. That not withstanding, there seems to be nothing amiss in what she says with respect to negotiation.

Anonymous said...

"If CW has been negotiating secretly with Brookfield/TA advisers only, that might be the basis for a lawsuit brought by the other sponsors. Believe this is supposed to be an open bidding process."

Who said they were negotiating secretly? I think it's compelling that CW themselves said there are no talks going on regarding the property's sale while Meredith Kane said the opposite. Plain and simple. Someone isn't being forthright no?

Anonymous said...

I find two important omissions in the Meredith Kane video. With respect to management policy, unless some sponsor plan wins that really ensures very high tenant buying (well over 50%), the sponsor will own many unsold units and will control the board for the first 5 years. Period. Also Kane says they expect a high number buying but she doesn't say what percentage she means by high. By most real estate reckoning, a 25%-30% participation rate would be considered high. So the participation rate Brookfield-TA is shooting for remains a complete unknown.

Anonymous said...

3 days of events this long weekend on the Oval, with daily start times of 11AM?!

Anonymous said...

If the place starts going down the toilet [even more so] and we are treated badly by this new "fledgling" management company, I sincerely hope that the Tenants Association will organize a rent strike.

Anonymous said...

All this pointless speculation about a $3 billion +++ deal is such nonsense. The tenants have no control over this unless the TA is part of successful partnership with a backer. If it happens, it happens. Until then, it's up to the residents to decide if ST/PCV is the place they want to be for the long term, or if it's time to move on. Anyone with a modicum of intelligence can read the handwriting on the wall on most all the outstanding issues. Even if the tenants lead a condo bid, it will never return to the state it was in for the 1st 50 years, and it will take at least 5-10 years to restore stability (if it can even be done). It's just not going to happen easily. I do know that I wouldn't pay $500K ++ to live next door or below an apartment full of WOO girls or guys. No freakin' way.

Anonymous said...

An article in the current issue of Town & Village underscores CompassRock’s inexperience. When asked about current quality of life issues such as enforcing dog policies, illegal hotels and the increased student population, David Woodward, CompassRock’s President, acknowledges the problems but says “I don’t have a solution for any of those things.”

Escape Stuy Town

Stuy Town Reporter said...

I'm getting ready to post on that very statement!

Anonymous said...

Dog policies, student rentals, illegal hotels...I don't expect CW to comment. They're transient agents. I do expect to know what bidding sponsors' positions are...especially Brookfield's.

Tommyboy said...

Oops, Cw is the owner of notes on 3 properties, these 3 properties were bought to make $. Their plan was to evict non market rate tenants. All 3 failed!
Stuyvesant Town, Riverton Houses & S.F apt. Complex.

Woodward's video interview concerning the formation of CompassRock, states they are able get operations up & running very quickly, basing most decisions on National Best Techniques.

Thank You

Anonymous said...

@Tommyboy, CW does NOT own the property. They are the special servicer and represent the interests of the bondholders who actually own the notes.

Anonymous said...

The people who own the notes are the schmoeckleheads who were duped by sleazy Tisman-stupid and I don't care if they never see a penny of their investment. They betted on people being forced out of their homes so they could make a killing. May they rot in hell.

Anonymous said...

I don't mean to attack my neighbors, but we should try to be as factual as possible in our blog statements. What we often see is paranoia or sheer speculation which does not help us. We know what special servicers are supposed to do, and we know that CompassRock was just formed and is owned by CW. Making dumb statements like we should have a rent strike or that Brookfield is calling the shots just makes us look like we are silly and powerless. Why don't we focus on REAL things like enforcement of rules? Speaking of that, we should stop suggesting illegal rental policies like discriminating against students. Really ... we could do a much better job for ourselves. And STR should lead us.

Tommyboy said...

If you own the notes on defaulted properties you are the owner de facto

Anonymous said...

If there were certain standards that were required before someone could rent here, such as having a job, certain level of income, references, etc., we could legally eliminate renting to students. MetLife had such requirements and there was nothing illegal about it.

Anonymous said...

"Tommyboy said...

If you own the notes on defaulted properties you are the owner de facto"

Correct. CW does not own the notes. The BONDHOLDERS are the owners of the notes, they didn't walk away or default on anything, they STILL own the notes. CW is simply their representative. Comprende ?