Wednesday, October 10, 2012
Slow Down
Just a note that I'm already into a period of intense, time-consuming work activity, and therefore have to limit my postings on this blog for the next few weeks.
Meanwhile, we still seem to be in the same limbo we were at the start of the year: 1) No resolution to the Roberts case (a scandal by now), and 2) No movement on the offer by the Tenants Association/Brookfield to purchase the property. It certainly appears as if CWCapital has zero interest in such a proposal and is actively investing in the property to make it desirable for another entity at some point next year or the year after that.
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40 comments:
We look forward to your return when you have a little more spare time.STR. We really do appreciate all you do for us.
Get some relaxation, STR!
Yes, the (non) status of the TA/Brookfield deal is pretty depressing. In a little more than six weeks, the announcement will be a year old. It's hard not to think it's dead in the water.
Thanks a million. You're about the only one who is communicating, helpful and TOLERANT.
It would be nice if the TA or Goradnick would at least make some sort of statement, even if only to say "fuggedaboutit."
A very concise and depressing summary of Roberts and the TA/Brookfield deal. Good luck on your work project. Roberts not being resolved shows how corrupt our NYS judiciary is.
It's a disgrace that we have NO INFO-either way-re:the conversion.Not even a comment from the "interested" participants!!! Unreal!!!!
Yes, it is absurd that
1) The TA has not given us any updates since announcing in November of 2011, that they, along with Brookfield, were going to place a bid to buy PCVST in the 2nd quarter of 2012.
What was the whole point of that press conference?
2) We have not been given any updates in the Robert's case, that CW has been dragging out for the last 3 years.
Take a look at https://www.facebook.com/ProtectSTPCV
To see how well informed we are.
I am so disappointed in the Tenants Association and Dan Garodnick. They have proven themselves to be all talk and no action. You can't even get an answer to a valid question from the TA, and Dan G is only interested in getting the job of Comptroller. I will NEVER, EVER vote for him and will not be renewing my TA membership for the first time in over 30 years.
Firstly, enjoy your well earned hiatus, STR. You do a great job!
My other thoughts:
1.The TA is an incompetent, impotent bunch of self-important fools who have accomplished NOTHING.
2.This place will NEVER go coop or condo. Bloomberg, the real estate interests, and quite possibly NYU, will NEVER let 80-acres of extraordinarily valuable land ( sans buildings and tenants of course ) fall into private hands.
3.Danny Boy Garodnick is just a small-time pol who is term-limited and therefore has to take cash from the real estate interests in his quixotic dream of becoming Comptroller...ain't gonna happen.
4.MY MOST IMPORTANT POINT: When am I gonna get some friggin' heat in my apartment. It's like an icebox in here. Remember the scene from Rocky where Sylvester Stallone is training in the meat feezer...just like my apartment...hahaha...keep smilin', folks, and remember to always chuckle at the absurdities of this life.
Very corrupt nys judiciary. Probably in the top ten of the most corrupt in the entire country.
you can check that.
Hippo--
The complex is in private hands now, and will eventually go to a sponsor--another private entity.
Bye bye soccer playground.
Hello ice skating rink.
T&V update re your initial reporting of the crime at 447 East 14th Street. Nice shout out by the T&V to your blog.
http://town-village.com/2012/10/11/st-purse-snatcher-arrested/
I have a feeling that Compass Rock is Tishman Speyer redux. From what I've heard from my neighbors and read on the TA Facebook, they are stonewalling complaints about noise due to no carpets and generally treating tenants like shit. Add to that the fact that we have no heat. It is either calculated harassment, or total incompetence and cluelessness on the part of "management."
So, where is Lo Rhent these days? Taking a break, too? I miss the pithy wit and wisdom of our mystic sage from the First Civilization. Did anyone here know that under the rules of Chinese Medicine, doctors only get paid when the patient is well and is paid on retainer. As soon as the patient gets sick, the doctor stops getting his fee. Can't see that catching on here.
The HPD's rules regarding heat (http://www.nyc.gov/html/hpd/html/tenants/heat-and-hot-water.shtml):
Between the hours of 6:00 AM and 10:00 PM, if the outside temperature falls below 55 degrees, the inside temperature is required to be at least 68 degrees Fahrenheit; and,
Between the hours of 10:00 PM and 6:00 AM, if the temperature outside falls below 40 degrees, the inside temperature is required to be at least 55 degrees Fahrenheit.
Tenants who are cold in their apartments should first attempt to notify the building owner, managing agent or superintendent. If heat is not restored, the tenant should call the City's Customer Service Center at 311 (311 can be accessed outside of New York City by dialing (212) NEW YORK). For the hearing impaired, the TTY number is (212) 504-4115. The Center is open 24-hours a day, seven-days a week. (You may also file a complaint at 311ONLINE for heat and hot water conditions.)
What do you mean they are stonewalling? How? thanks
"The TA is an incompetent, impotent bunch of self-important fools who have accomplished NOTHING."
Hmmmm, sounds like the machinations of someone who got rejected as a potential TA board member to me. Someone, well, who really couldn't get that many votes?
Anon October 12, 2012 7:59 AM said, "What do you mean they are stonewalling? How?"
1) By not providing heat when they are EXPLICITLY REQUIRED TO BY LAW
2) By not dealing with LEGITIMATE NOISE COMPLAINTS because they don't want to offend new high-paying tenants (even though they will churn them out of existence once their leases are up) and don't care about quality of life issues affecting other tenants, especially those who are rent stabilized and paying lower rents.
3) BY SPENDING MONEY ON THE INSTALLATION OF A SKATING RINK AND OTHER GLOSS AND GLITTER ITEMS INSTEAD OF MAKING IMPROVEMENTS THAT BUILDINGS ARE SORELY IN NEED OF.
Andrew MacArthur of CW Capital is in charge of overseeing the Management here and he has repeatedly demonstrated his CONTEMPT for tenants by not addressing - or allowing to be addressed - THE REAL AND PRESSING NEEDS OF THOSE WHO MAKE STPCV THEIR HOME. MacArthur is in favor of spending - WASTING - money on inconsequential fluff because that is what he thinks brings in new tenants, even though he is not interested in retaining those new tenants once they are here. His strategy is to churn apartments as much as he can and upping the rent rolls. He cares not one iota for community stability or a decent quality of life for tenants. Metlife, at the end, Tishman Speyer and CW Capital have all made unfortunate contributions to running this once lovely place to live right into the ground. What a pity.
Ask yourself & ask the TA Board at its site:
1. When it knew that there were multiple plans competing for a tenant-owner conversion, what were the TA's reasons for injecting itself in the process...to the extent of making an alliance with a developer?
2. What value does the TA Board bring to the process by making an endorsement? What has the TA gotten for us that Brookfield wasn't already prepared to give?
3. What are the TA goals with respect to price & tenant participation? What percentage is the the Board shooting for who will be able to buy?
4. The TA's reasons for choosing condo over co-op have been completely refuted here and other places along with the reasons for chosing Brookfield. For example, stating that financing for co-ops is harder, harder to qualify for...this is completely bogus. What are the TA's responses to this and other counterpoints in its own defence.
4. Why not just provide a forum advocating for middle class affordability and holding rallies in favor of middle class affordabiliy instead of making alliances with real estate developers whose interests clearly aren't the same as our own?
Question for the audience...
My wife and I, who both work for a state agency, have been asked to temporarily relocate for a 2-year assignment near Albany (yeah)...so we need to rent a house up there. However, we plan to come back to the city frequently, including many weekends, holidays and vacations...as well as other days using flexible scheduling.
As I plan to continue to have all my mail continue to come to Stuy Town, not change any of my bank or billing records, and continue to pay NYC taxes...does anyone think I'll have a problem with residency issues with Stuy Town re our RS apartment?!? Like I said, I don't plan to change anything over to an Albany address.
And PS...I'm also renewing my 2-year lease early next year before any of this is supposed to happen.
Anon October 12, 2012 10:52 AM
None of this matters. CW Capital has absolutely NO intention of selling this place to the TA and Brookfield. Mark my words.
Wow, 10:07. You seem to know who anon commenters are. Who am I? And why are you compelled to post such nonsense?
I'm not sure but I think the heating rules do not go into effect until October 15th.
If it's 35 degrees out there tonite heat will be supplied at the discretion of the management.
HTH.
My mistake.
Heating rules are in effect from October 1st!!!
Call 311 if you are not getting enough heat.
The City Housing Maintenance Code and State Multiple Dwelling Law requires building owners to provide heat and hot water to all tenants. Building owners are required to provide hot water 365 days per year at a constant minimum temperature of 120 degrees Fahrenheit. Between October 1st and May 31st, a period designated as "Heat Season," building owners are also required to provide tenants with heat under the following conditions:
Between the hours of 6:00 AM and 10:00 PM, if the outside temperature falls below 55 degrees, the inside temperature is required to be at least 68 degrees Fahrenheit; and,
Between the hours of 10:00 PM and 6:00 AM, if the temperature outside falls below 40 degrees, the inside temperature is required to be at least 55 degrees Fahrenheit.
The TA certainly has accomplished very little whatever their intentions were.
I don't understand how they have not moved the Roberts-case forward in a year.
Without moving NOW, it is only a matter of time before someone else comes in and makes an offer that the TA can't compete with.
To Anonymous 1:13 P.M.: Have someone reliable pick up your mail and swipe your keycard regularly.
To Albany-bound-
Since you're allowed to legally sublet an apt for up to two years, I would assume you could also be away for two years. Ck with the NYC Rent Guidelines Board.
"Question for the audience..."
RS laws allow you to travel for work, etc. They also allow you to maintain a vacation property.
Maintaining all of your affiliations with your NYC address (financial, voting, taxes, vehicle registration) helps to establish this as your primary residence.
http://www.housingnyc.com/html/resources/faq/primary.html
Note that "temporary relocation due to employment" is a carve out to the 183 day per year residency requirement.
"I don't understand how they [the TA] have not moved the Roberts-case forward in a year."
Clearly, you have not informed yourself about the Roberts case. The TA assisted the plaintiff, but has no standing in the case. It is not even remotely in the power of the TA to move the case forward, backward, or sideways. The only people who know what exactly is going on are the two sides and the judge and to some extent the DHCR. There is no public information. Even Dan doesn't have access to information. Are there rumblings and rumors, and do we occasionally get a sense of what's happening if there's a date for both sides to be in court? Yes. But that's it. So don't blame the TA for not getting the case settled.
This place has become a damned nightmare. No heat even though it is in the low 40s. Management sends out reminders about fire safety, but illegally denies heat, therefore putting tenants in the situation of choosing to freeze or use space heaters, which are fire hazards. I guess they are hoping some of the older people get sick and die; that would be in keeping with the general M.O. here, but we have babies and toddlers living in this building and they are very vulnerable too.
4:52...wow. First,I don't think Roberts is one of those cases looking for a judge's ruling. Happy to stand corrected, but I believe it's a matter of the litigants coming to a settlement, and so long as CW refuses to agree, the case never comes to an end. Second, I think your statement arises from some of the confusion the TA has created. When CW announces a sale, many developers will offer plans & CW is under no obligation to take anything the TA has done into consideration. It's an open competition. And to those who think there will be no sale...you are absolutely incorrect. The legal settlement of the T-S mess required CW to sell the property within 5 years of CW taking on the agent role for the bondholders...which was 2007-2008. CW can apply for an extension in extenuating circumstances.
"I don't understand how they have not moved the Roberts-case forward in a year."
While the TA played an important role in initiating the Roberts case, the TA is not a party to it (the TA did not have legal standing)and therefore is in no position to move the case along. In my opinion, the delays in Roberts should be laid at the feet of CW Capital which has no real motivation to settle; the Judge because he apparently refuses to put pressure on CW to settle and otherwise move it along;and the DHCR which, when asked by the Court to come up with the formula for determining the base legal rent (i.e. as the agency responsible for administering the rent stabilization code, provide its expert views as to the formula for deterining the base legal rent)completely abdicated its duty.
The judge in the Roberts case originally held for CW...so his sympathies are with the landlord. He was reversed by the appellate division & the Court of Appeals. The dissent in the Court of appeals was bitter. So while this judge might not have the greatest standing in the legal community, he clearly has some support among his colleagues. Net result: don't expect the judge to play much of a role here. The ball is in CW's court. So this will likely play out with the AG's office going to CW when the 5 yr agent period is up and saying...what's the deal.. how come you haven't sold? Then CW will put on some crocodile tears & say the Roberts case is so hard to deal with. At which point the AG is likely to say...bull...but just to be viewed as fair, we'll give you one more year. If you haven't accepted a bid in one more year, we're going to sue you. Then...one year later...by some God-sent miracle CW will settle Roberts, put the place up for bids & quickly announce a winner.
WOE STR!!! They heard you were off the case, and grabbed the chance to build that freaking ice skating rink on SUNDAY MORNING!!! My delicious, work-free Sunday AM spoiled by the power tools and general construction noise blasting into my 13th floor apartment. Why don't they do some events in the 3 other large open playgrounds? Why can't they see further than the freaking Oval for every single event? Why don't they realize that QUIET is the most valuable commodity in this city? These experts in "recreation management" are utterly clueless. OY! I used to be pround to live on the Oval. Now it's a punishment.
It sure is fun reading the wild speculation that passes for fact on this blog. Let's start with Brookfield. Why would ANY special servicer even TALK to assholes like Brookfield before the property is ready for sale? Answer: they wouldn't. The special servicer has essentially one job: to maximize the value of the property in preparation for an eventual sale. That means selling to the HIGHEST BIDDER. Which part of this simple job has confused you? Since when did Brookfield look anything like the highest bidder? They and the TA are probably the LOWEST BIDDER.
The bidding will be an auction & will probably go 2 or 3 rounds. We don't know what Brookfield's opening position is. They have given no indication. We only know Guterman's opening position of 315 psf which would resolve into about 3.3B allowing the bondholders to break even. In all likelihood that will have been the lowest opening position. But CW has been busy changing the demographics down here...so even Guterman might have to re-position itself.
How can we as tenants, put pressure on the T.A, to simply tell us the truth about their partnership with Brookfield and there plan to buy PCVST?
We need new updates from them, no more re hashing of statements they made already.
We are coming up to the one year anniversary of the momentous announcement that our glorious TA made, when they told us at a press conference in Nov 2011 that they had partnered with Brookfield and were placing a bid to buy PCVST in the 2nd quarter of 2012. Don’t we all think it is time they told us what is going on with that plan?
Even if there answer is, sorry we bit off more than we can chew.
Does anyone on this blog have any ideas of how we can successfully put pressure on our own association to tell us the truth? And yes, I do think we can handle the truth. Don't you.
Speed Up!
Stuy-Town tenants aim to ax the middle man
http://www.crainsnewyork.com/article/20121016/REAL_ESTATE/121019928#ixzz29TKOj1El
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