On the eve of the TA meeting where conversion will be discussed (once again), it's good to consider just what is the future of Stuy Town and Peter Cooper Village. Let's zero in with this question: Do you seriously think that all the buildings about us are going to be still here 50 years from now without any change? If you consider that Manhattan is being transform daily, even in a lousy economy, and that the only old buildings that have a chance of being saved are those that have been designated landmarks, if you consider that the middle class in the city and in this complex is expiring or being forced out (thank you, politicians), if you consider that the buildings of Stuy Town and Peter Cooper are old, falling apart, not able to withstand the ravages of extreme weather (hello, Sandy), with paper-thin walls, if you consider that we don't have central heating and air-conditioning, doormen, or any of the perks of true luxury apartments that some of our newer market-rate paying tenants, and when you see just how ugly these buildings look during winter, when there is no foliage for cover and flowers to beautify the surroundings, you have to objectively ask yourself: What's there to save?
Consider also one of the great advantages to anyone who buys this place: Our large student population is a temporary one, meaning a landlord can vacate apartments much easier than if a permanent rental class existed here across the board. I suspect that one of the reasons CWCapital is not that interested in the TA conversion plan is that the company is looking to capture a significantly bigger and wealthier fish. And that buyer will surely not look upon this place as a tasty deal because of project-like buildings that have existed here since the late 1940s, but rather as an extensive plot of land in the middle of prime Manhattan real estate that can contain numerous brand new highrises with high rental rates. Oh, and indoor swimming pools, boutique shops, mini-gyms, etc. There'd still be a "park runs through it," of course, and the Oval Fountain to maintain the quaint tradition of PCVST. If this is the future, then all the energy that people (current landlords and tenants) are putting into what we now have is a kind of a cruel joke.
Of course there is one headache for any prospective landlord: the permanent tenants here. There is eminent domain, of course (it was used to remove the people who used to live here before Stuy Town and Peter Cooper Village was erected), but I think that would raise too much stink, unless we get a few more Bloombergs as mayors. But if a landlord made you, or your sons and daughters, an offer of a nice profitable buyout, perhaps even granting a low "insider" price on a rental in a brand new "wow" PCVST apartment, in a modern city-within-a-city complex that will be the envy of all New Yorkers, perhaps the world, would you take it?
Such a resurrection project would be years in the making. Initially only one or two buildings would be razed, followed by others after that. It may take another century to see everything finalized. But, I think, this is the future of Stuy Town and Peter Cooper. The only thing that could "save" what we have now is a worldwide economic disaster that would decimate any capital or willpower for such an enterprise.
Our future? Google Pruitt–Igoe.
ReplyDeleteIf you're going to the meeting....demand answers of why your apartment is suddenly vibrating and constant things are being dropped on your head at all times? Nobody deserves to live like this....especially the long time residents who have never had ANY type of noise problems until the 7-9 people in the 2 bedroom apartment moved in.
ReplyDeleteSame here! w.t.f. who is constantly dragging furniture and dropping things? Bizarre as can be.
ReplyDeleteAre they doing it on purpose?
The TA asked for attendees to submit questions in advance, per their new format. I asked how to document reduction of services so that we can get our rent reduced, and how we can legally get rid of the students and chopped-up apartments. We'll see if we get answers and action. I hope other people submitted the same questions.
ReplyDeleteWell, STR...I have to look at your post in context. You are a big supporter of continued rent stabilization. You don't want people to buy. You want them to march on Albany and fight for stronger rent controls. So unless you're a building engineer, I think your report about building conditions comes off more as a scare tactic than as an accurate evaluation. And as far as Manhattan changing dramatically toward luxury, take a look at the ugly, gaping hole east of 1st Avenue between 38th St and 41st St and ask anyone from Solow Realty how anxious they'd be to take on new, luxury expansion. On the other hand, what you point out as options for a new owner...many more student rentals, tenant buyouts...these are definite possibilities. What the TA is doing now is just about irrelevant. The main thing to watch is what CW is doing.
ReplyDelete>>So unless you're a building engineer, I think your report about building conditions comes off more as a scare tactic than as an accurate evaluation.<<
ReplyDeleteI was thinking of the Sandy disaster that destroyed a dozen or so basements in PCV, the need (again) to do brick replacements at the exterior of buildings, and whatever pipe systems are in need of repair. Otherwise, the buildings are pretty solid.
Article about the Solow business in NYT from 2010.
ReplyDeletehttp://www.nytimes.com/2010/04/01/nyregion/01solow.html
Interesting. Thanks for the link.
ReplyDeleteSolow's lawsuit against Citibank was just thrown out by an appellate court earlier this month. Around the time of the financial meltdown Citibank foreclosed on millions of securities put up by solow as collateral for a loan and Solow has been trying since then , without success, to win a lawsuit against Citibank for allegedly improperly foreclosing on his securities. I think that is a major factor in the lack of development of the First ave property
ReplyDelete"if you consider that the middle class in the city and in this complex is expiring or being forced out"
ReplyDelete- I love how old timers consider themselves middle class and the new Market Raters not middle class. Any outside observer would quickly see the opposite is true.
"- I love how old timers consider themselves middle class and the new Market Raters not middle class. Any outside observer would quickly see the opposite is true.
ReplyDeleteJanuary 28, 2013 at 10:25 AM"
You're quite correct. My $18,000 in yearly Social Security benefits certainly doesn't make me anywhere close to middle class. If, on the other hand you consider my savings accumulated by working hard for 30 or 40 years, come back in 30 or 40 and we'll compare notes on the middle class.
Does anyone know about the new brown boxes they are putting up on the corners of the buildings around Stuytown? They are near 21 and 19 and 450.
ReplyDeleteDoes anyone know about the new brown boxes they are putting up on the corners of the buildings around Stuytown? They are near 21 and 19 and 450.
ReplyDeleteI believe they are electrical boxes being installed for the scaffolds that will go up and down the sides of each building as they re-point.
repoint again? are you kidding? please please tell me they are not.
ReplyDeletewas aful ten years ago. ughhhhhh
Those brown boxes are for a new wi-fi network. That's what the worker/installer told us. But he had no info or details on who it serves, etc.
ReplyDeleteWhile walking my dog a few days ago. I've saw Compass Rock officials(executives and such) walking around Stuytown mentioning the great things that the property has to offer to a group of suits. Is Compass ready to sell to?
ReplyDeleteThose ladies who uncovered illegal hotels did us a big favor. It's too bad they got themselves banned from the TAFB. See the following:
ReplyDeletehttp://www.nydailynews.com/new-york/illegal-short-term-rental-gramercy-condo-sparks-feud-lawsuit-article-1.1255326
And check this out about Airbnb: http://www.wnyc.org/shows/newtechcity/blogs/new-tech-city-blog/2013/feb/05/nyc-tells-airbnb-hosts-dont-get-too-cosy/?utm_source=local&utm_media=treatment&utm_campaign=daMost&utm_content=damostviewed
ReplyDelete