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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.

Thursday, July 11, 2013

What's in it for CWCapital?

Don't forget, CWCapital actually wanted STPCV.  They bid on it.

We now know that CWCapital is getting paid over 600K per month to manage this place, but this near three-year-old article offers more light:

http://www.bloomberg.com/news/2010-10-01/stuyvesant-town-title-may-be-taken-over-by-cwcapital-at-foreclosure-sale.html

Transfer Taxes

CW would need to pay city and state transfer taxes of 3.025 percent of the bid price if it takes the title, according to Joshua Stein, principal of Joshua Stein PLLC, a New York-based independent commercial real estate law practice that isn’t involved in the case.

CW would also need to pay a second transfer tax when it eventually sells the property, Stein said. 

“Their position could be that we just want to acquire this damn thing,” Stein said of CWCapital. “Lets just buy it in, we’ll pay the transfer tax, and we’ll hope that the incremental value of holding and waiting will exceed the incremental cost of paying a second transfer tax.”

CW could avoid the double transfer taxes by negotiating a deal with a buyer ahead of the auction, and then selling the $3.67 billion mortgage to that acquirer moments before the foreclosure sale, Stein said. That buyer would still need to pay one transfer tax.

4 comments:

Anonymous said...

Fire Andrew MacArthur and CWCapital! SOS! SOS! Help us!!!

Anonymous said...

God forbid these slimy bastards buy the property! I'd rather have Sadaam Husein for a landlord!

Anonymous said...

Andrew MacArthur and Brian Moriaty need to be fired.

Anonymous said...

hold your fire then since they are going to bid on it again.

(CW) Watch the inevitable happen.