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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. 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.

"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. Sorry.

Sunday, September 23, 2012

Once Again, the TA Steps Up to the Plate

This week's TOWN & VILLAGE informs us of meeting the Tenants Association had with representatives of Airbnb, which has been listing loads of short-term rentals in Stuy Town and Peter Cooper Village on its website. Airbnb still has not committed itself to deal seriously with the problem, so discussions with the company are ongoing.

The big question is why hasn't management met with Airbnb, instead of the TA? Isn't this a problem that should be dealt with by management?

The response from Brian Moriarty, spokesman for CWCapital: "We have initiated legal cases against several tenants we believe were operating illegal hotels and will continue to investigate and pursue tenants who violate their leases in this manner."

One wonders how many tenants is "several"....

* * *

Money saving measures in PCVST are continuing. We are hearing that there are going to be some heavy cutbacks in Recreation Department personnel. Stay tuned.

31 comments:

Anonymous said...

Of course management should have met with airbnb -- not the TA. The difference is that the TA cares! I bet Brian Moriarty takes this very seriously.

Gracie said...

Great team work John Marsh, TA, Dan Garodnick, and the Facebook Activists who tirelessly researched the problem!

Tommyboy said...

It appears Compass Rock is a mere foster custodian until an imminent deal is done. This guy is the king of double speak and fluff talk.

Anonymous said...

I hope they are not cutting back on essential maintenance. The elevators in my building are limping along these days. They could save money by cutting out those stupid bastard Oval events.

Anonymous said...

LOL>

as if Management gives a damn about who is renting. THEY'RE JUST satisfied with several warm bodies in the apartments. Paying $3500 for one bedrooms!


roflllll

Anonymous said...

"Once Again, the TA Steps Up to the Plate..."

And strikes out.

Any word on that condo bid? It was supposed to come out in April. Then September. Now the leaves are changing colors and falling off the trees and there is still no update. Strike two.

Anonymous said...

I had one of Lady Maya's Double Talk and Fluff sandwiches at Kubrick Cafe today. The crust was stale.

Anonymous said...

Well, mgt doesn't care and won't care for one reason. So long as they're getting their money they're happy. I suppose you all realize that these units are going for 3.5K for a 1 BR and up to 5K for a 3BR in ST and a 2BR in PCV, Anything that will help make this rent...whether it's students, partitioning apts, or hoteling, it doesn't matter to CW. Until a sponsor is chosen and a plan goes to the AG you can expect all this to continue unabated. Fine that the TA took action, but don't bet on the TA being able to change anything with respect to CW.

Anonymous said...

With all these cost cutting measures maybe there is no condo deal imminent. When a prospective purchaser looks at buying PSVST they will look at the operating costs for the last few years, not few months. The arguement that they are cutting costs to make the financials look good to a prospective purchaser doesnt make sense. Maybe they are trying to cut costs so they could be profitable as a rental, for the long run.

Tommyboy said...

Has the PBJ arrived yet, need to make plans.

Anonymous said...

"Maybe they are trying to cut costs so they could be profitable as a rental, for the long run."

Unfortunately, what you are postulating defies reality. It's impossible to run this dump as a profitable rental for the long term unless what you consider the long term is, say, one hundred years. It's unbelievable to me that at this point people are still trying to make arguments that this sty can stay a rental. Have you seen all the availability on their web site? If they did fill all the overpriced apartments they still wouldn't be able to pull it off. Someone's going to convert this place.

Anonymous said...

No PB&J but Lady Maya recently introduced a bacon and cheese sandwich and an artisinsal M&M Salad with Goobers dipping sauce!

Anonymous said...

Rumor as it that NYU is looking at PCV/ST to buy.
Lots of dorms here now, more to come...

Anonymous said...



NYU would love to buy this place. why wouldn't they? and, what's to stop them?

Anonymous said...

"Rumor as it that NYU is looking at PCV/ST to buy.
Lots of dorms here now, more to come..."

They can't afford it. This has been addressed before.

Anonymous said...

"Unfortunately, what you are postulating defies reality. It's impossible to run this dump as a profitable rental for the long term unless what you consider the long term is, say, one hundred years. It's unbelievable to me that at this point people are still trying to make arguments that this sty can stay a rental. Have you seen all the availability on their web site? If they did fill all the overpriced apartments they still wouldn't be able to pull it off. Someone's going to convert this place."

With cap rates for comparable properties around 4, if they get rents high enough it would make sense as a rental. Someone like Lefrak who looks at the super long term would look at this as making sense, not someone looking for a quick profit. You referencing inventory on their website is faulty, vacancy is probably around 1% for the complex.

To say it can never happen as a rental, when adjusting variables, doesnt make sense,

Anonymous said...

I'd like to reiterate that management's current practice of renting to students creates such a poor quality of life for those of us that don't care to live in a dorm or frat house ( by the way I am 30 years old and not a crotchedy old person.) I'd like to also point out that the total disregard that these students have to the buildings, i.e, elevators, doors, door frames etc... while moving is deplorable. Most management companies that actually care about the property, require certificates of insurance to protect against any damage. This management company and CW only care about the constant turnover and increase in monthly rent. I see moving trucks at all times of the day and night with people nonchalantly smashing thir equipment and furniture into the building structures and fixtures. It is appalling! I hope this place converts soon or else I will take my exorbitant market rate rent elsewhere.

Tommyboyardee said...

Interestingly enough Christine Quinn backs airbn as a way to make ends meet. Perhaps mgt. should investigate into a tub hub style of arrangement.

Anonymous said...

Renting to students is one of the most important parts of CW's plan. You can expect more of this. Not less.

Anonymous said...

If you want to move furniture in or out at Penn South you have to give the office a $500.00 deposit and make an appointment, and n
weekends and no after 5PM.... a real pain, but something they could try here.

Anonymous said...



? Not so sure about NYU not able to afford this. Stay tuned on that.

And, just wondering, if there are so many vacancies (which imho there are NOT), they'd lower the prices...

Tommyboy said...

Amusingly enough Compass Rock advised for managers with Student & Seniors housing experience.

Anonymous said...

"? Not so sure about NYU not able to afford this. Stay tuned on that."

We'll all stay tuned to you, fer sure!

Meanwhile, why not give us some financials that support your assertion?

From the NYU endowment annual report: At August 31, 2011, NYU’s fiscal year end, the value of the Main Endowment Fund stood at $2.5 billion.

What, you think they're gonna put 10% down and finance the rest? Please. If you read the press, then you know that they are already planning to develop several properties in the Village. They don't have the inevitable capital to buy this place, too. They would be too stretched even if they had no plans to buy up parts of the Village.

Your comment lacks any factual backing whatsoever.

Anonymous said...

As an Alumni of NYU (undergrad and grad) I remember rumors about buying Stuytown almost 15 years ago. I've lived here for 11 years and so far NYU has not stepped up. They also just got approved to build a bunch more on LaGuardia Place...so I doubt they are serious contenders.

Even though, these places would make ideal dorms.

However, as one of the suckers that is paying $3100/month for a one bedroom for nearly a decade now...I can tell you the day the TA announces it is over, we are not converting to a condo or co-op...well, I will be out of here. The only thing that keeps me in this inflated "luxury" housing project is the potential to own an apt in NYC at a reasonable price.

BTW, for all the hassles, I'll be sure to stop paying my rent and force them to evict me if that day comes. I think a lot of the "suckers" here will do likewise...making this one of the lousiest investments in NYC real estate I can think of...

The real question I have is, with all the momentum for conversion being at a peak 2 years ago...what happened? They TA is so worried about dog poop around the Oval they seem to miss the big picture which is get this place converted. Then management changes to follow...

Anonymous said...

Maybe they could sell NYU a block of apartments, or maybe an entire building or two and allow the long term tenants in that building to remain in situ, but when they go they could sell those units to NYU. Then they could keep the rest of Sty Town as rent stabilized housing. Would this be feasible?

Anonymous said...

"Would this be feasible?"

Only to you.

Anonymous said...

<>

Hey, that's great as long as they start with YOUR building.

I'm not paying $3100 a month for a one bedroom to live in a dorm.

Anonymous said...

Concerning the Oval Atrocities, Cafe Kubrick and all the other money-raking gimmicks: I have never partaken of any of them. I refused to give them one red cent over and above what I have to pay them in rent. That includes their filthy, fetid laundry equipment. I would rather pay over and above to an outside business to get my clothes clean. Actually, it costs less to do that, but that is not the point!

Anonymous said...

"I'm not paying $3100 a month for a one bedroom to live in a dorm."

From what I've seen on the web site, $3100 buck for a one bedroom is a bargain is it not? Don't get me wrong, I'm paying less than half that and I feel that I'm getting ripped off but according to their listings they're asking $3400 plus.

Anonymous said...

I refused to give them one red cent over and above what I have to pay them in rent. That includes their filthy, fetid laundry equipment.--

yes, exactly my feeling. These "amenities" are things you can basically pay for anywhere in the city. I object to the word "amenity" in fact...they are just further attempts to syphon money out of what they feel are a captive audience.

Compare the 14th street Y to the Oval Fitness Center and see what I mean. These things should be free or used to lower our rents somehow...

Anonymous said...

Management would likely encourage the behavior as it gives them grounds for evicting a tenant.