But a probable purchase in 2015.
http://www.globest.com/news/12_774/national/distressed_assets/CMBS-Late-Pays-Could-Drop-Below-4-This-Year-341661.html
UPDATE 1/16/14: Town & Village article on this:
http://town-village.com/2014/01/16/cwcapital-to-market-st-for-sale-soon-report/
As is typcial, CWCapital is remaining close-lipped on the issue. Of note:
"...the company could also be waiting to resolve the ongoing negotiations
over five major capital improvement (MCI) rent increases with the
Tenants Association."
Ergo, the TA is aware that any negotiations/lawsuits/etc can hold up the sale of PCVST. And so is CW.
WHO IN THER RIGHT MIND WOULD BUY THIS DELIPAIDATED FRAT FOR ALL? THIS OKAVE IS A DIMP BECAUSE OF PEOPLE LIKE MONSTER MAVARTHUR FILLING IT WOTH COLLEHE KIDS WJO PUKE AND DEUCE ALL OVER THE PACE THST TAX YHRE INFRASTRYCTURE SND WE HABE AN INCOMPITANT MANFENT AND ACCOUNTING DEPARTMENTS HO AGRRAVAGRE THE GOOD PEOPLE AWAY. ITS BROKEN AJD CAN NEVER BE FIXEF
ReplyDeleteMIDTOWM SOURTH? WHERE FE HELL IS THAT?????
ReplyDeleteMidtown South is a Police Precinct, not a neighborhood.
ReplyDeleteWhen should we expect the next TA meeting about buying the property? This Saturday?
ReplyDeleteAny hope of the TA addressing quality of life issues just vanished.
Wait, what? Why do you think this spells FOR SALE??
ReplyDeleteIf CW itself has not released sale info to Fitch, then this article is fairly meaningless. However, if Fitch is right about the delinquency rate, it makes you wonder what has been holding up this sale. Bondholders have been losing money on this deal since the beginning of 2007.
ReplyDelete"Bondholders have been losing money on this deal since the beginning of 2007."
ReplyDeleteCW and its crappy, inferior so-called management company, Compass Rock, have been making money hand-over-fist since taking over the joint.
CWCapital believes it can raise rents on some units, boost the project's income and get a higher sales price, said the people familiar with its strategy.
ReplyDeleteLea Overby, an analyst at Nomura Holdings Inc., 8604.TO +1.26% estimated CWCapital takes in $625,000 a month from overseeing the asset, with fees totaling $26 million since it first became involved in 2009.
In addition, CWCapital recently replaced a third-party property-management firm—which oversaw leasing and day-to-day operations—with an affiliate of CWCapital, further boosting its fees
http://online.wsj.com/news/articles/SB10001424127887323551004578436862450162392
If CW has been taking Freddie Mac & Fanny Mae for a ride, why haven't Schumer, Maloney Garodnick or the press made a public governmental issue out of this?
ReplyDeleteDon't you think there are costs that come out of that $625K a month, like salaries and expenses ?
ReplyDelete$625,000.00 per month + all the new, continued and repeated MCI additions.
ReplyDeleteNice chunk of change. And more to come! Yeah, us. Woohoo.
CW and fake company created by CW Compass Rock made MILLIONS UPON MILLIONS going unchecked, unchallenged, un-fought every step of the way they destroyed our community and stole our neighbors homes. More disgusting (if possible) than CW are those who turned a BLIND EYE and DEAF EAR for years. Whether or not we could have won every battle - we should have tried and we should have given the same the HE-doublehockeysticks they gave us.
ReplyDelete"CWCapital believes it can raise rents on some units, boost the project's income and get a higher sales price, said the people familiar with its strategy. "
ReplyDeleteIf this is the case, why would CW negotiate the MCI'S?
They're legally entitled to them and it helps their cause no?
these shady grabby RE developers need to go the way of bloomberg - gone baby gone
ReplyDeleteMy concern is that, as suggested, CW has just been dragging things out to its own advantage and that like any government-related project, no one is really watching the store. How many times have we heard about city, state or federal projects that started out with one contracted cost and then deadlines get missed and cost overruns become a usual part of the story.
ReplyDelete"Don't you think there are costs that come out of that $625K a month, like salaries and expenses ?"
ReplyDeleteJanuary 15, 2014 at 3:58 PM
HEY 3:58 PM ARE YOU WITH CW OR TA?
AGREE WITH 11:05 THERE IS NO ONE WATCHING THE STORE
ReplyDeleteWhat a valuable piece of property though, eh?
-More anymore market renters (daily,older tenants moving on, passing away)...
ka ching ka ching
-unlimited amount of Mci that are non stoppable!
ka ching ka ching
The place is a goldmine!
@January 16, 2014 at 11:34 AM
ReplyDeleteI'm with the side that speaks and thinks rationally. Not with the irrational, raving nut jobs.
Except CW used that excuse before with Robert's then when it resolved they still did not sell,. So I am not buying this repeated excuse.
ReplyDeleteFool me once shame on you.
Fool me twice shame on me.
To dangle the "sale" carrot to keep doing harm to residents is wrong and has to be illegal. So whomever is saying that is the reason and implying we are being forced to cave on the MCI challenge and take it up the butt over the prospect of a "sale" coming our way - NO THANKS. We must win the MCI challenge and we go in negotiations STRONG on the sale. We cave on protecting ourselves anymore and we show weakness.
All that if even the sale is a consideration for STPCV.
I'm not buying.
Seriously who is saying there is logic to years of taking it up the butt so that in the end STPCV can have consideration at the "sale" table.
Agree with above - no one is watching the store. And someone is justifying taking it up the butt for a reward in the end.
Bad strategy for tenants.
What does the no cap guy think?
If they get the MCI charges we have to pay for that. If they get the MCI charges that will increase the property revenue and increase the purchase price we have to pay for that. It is doubly important we win the MCI challenge.
ReplyDeleteNo heat today or tonite at 445. I
ReplyDeleteHope these stinking bastards rot in hell. Tear the place down already. It's not fit for human habitation.
The money is made like this. First, all the commercial rentals are money makers: the garages and stores. Then the tenant units will be priced so that there is adequate participation with respect to any financial needs the sponsor might have but at the same time there will be a lot of non-buyers (price is too high). Then as the non-buyer units vacate, these units will be sold at market rates. We're talking about billions. It's that versus keeping the place rental where maybe the high degree of churn due to student rentals has made the place adequately profitable (although given the delinquency rate in the news, it looks as if this isn't the case). If the place stays completely rental, there are 2 downsides. First, you can expect the place to be overrun with students because that churn really helps get the rents up even with rent stabilization in place. Second, your rents will keep going up. With a sale, your costs stabilize. With a co-op structure, student rentals could be controlled. With a condo structure, they might be controlled. In a sale the only leverage the tenants have is in collectively making trouble if they're not happy...which would probably have a lot to do with how units are priced. Byron Wien for example said he didn't want to get involved in the bidding siting contentiousness of the tenants as one reason.
ReplyDelete5:17 PM
ReplyDeleteThe reason that CW Capital is negotiating MCIs with TA lawyers is because CW Capital wants those MCI increases on the rents , not sometime in the distant future which is automatically what would happen the minute PARs are filed. CW Capital wants the MCI rent increases now because they are about to sell ST-PCV and higher rent rolls = higher property value.
ReplyDeleteWe need a serious article, news story, NY!, NY Post article on the disturbing and unhealthy noise problems on the property and how they are not being dealt with.
Blatantly being ignored.is.not.ok.
37 degrees at 11 am and no heat. Are they doing this to try to kill the elderly, the sick and the babies? Stalin would run this place with more compassion.
ReplyDeleteTo 8:07 pm no heat
ReplyDeleteCall 311 and report it. This does work and it gets the report on record.
For all HEAT issues, WATER issues, NOISE issues, CALL 311 - that is what they are set up for and it really does work and it keeps track of a record of occurrences.
It should be packaged with the Brooklyn Bridge! That will attract even more suckers
ReplyDeleteWhere is William Wallace!
ReplyDeleteOverlords pillage the land and people. Their "nobleman" turn a blind eye in exchange for titles and riches.
We need William Wallace to lead the people!
Braveheart. Best Film.
I'm sick of taking it up the butt, as you so delicately put it! ;-) I'm sick the deterioration of the quality of life: noisy neighbors, filthy halls, NO HEAT, trees being cut down every day and the rest of the grounds totally raped and pillaged. I'm sick of the constant MCIs for "improvements" that are in no way improvements. My intercom hasn't worked properly since it was put in, but the old intercom worked fine; the security is a bad joke. Security? We have none. Who the fuck knows what the water valve and doors MCI was all about? Tishman Speyer were disgusting, dishonest lowlifes and opportunists who walked away from their obligation and left us in default. NOTHING that they initiated should have to be paid for by the tenants. If we had any real legal representation and a councilman with balls between his legs instead of dollar signs in his eyes, we would be able to fight back and move forward.
ReplyDelete....just another reason management SUCKS!
ReplyDeletefrom:
http://www.yelp.com/biz/stuyvesant-town-new-york
Sarah J.
New York, NY
1/3/2014
I've been a resident of Stuyvesant Town for close to 6 years. While I can't say enough great things about the amount of space you will get in these apartments, and the wonderful grounds/maintenance staff (which is the only reason why I gave 2 stars as opposed to 1). The accounting department is horrible and I hate to admit that it's the primary reason why my roommate and I will not be renewing our lease.
We are working professionals who have been consistent about paying rent on time, and at "market" price no less. I would have expected more from the current management company, particularly those who answer phones in the accounting office. Pretty much anyone I have spoken to from the accounting department could use a serious seminar on customer service and how to speak with residents who are calling and asking for help or assistance. To echo some of the other comments I've read -- our monthly rent statement never adds up or makes any sense.
I'd estimate that we get at t least one confusing piece of written "communication" in our mailbox or slipped under our door at least once per month, requesting us to sign these updates. Coming from the opinion of someone who isn't a lawyer or real estate professional....it appears that they are trying to purposely confuse residents with legal jargon that no one but a lawyer or a real estate professional would understand. As if I need to add one more thing to my to-do list after 50 hour work week.
For as much as everyone gripes about the former management company...the current one is so much worse. If you don't want to deal with headaches over monthly rent statements, rudeness and incompetency.... You are better off avoiding this place until another management company takes it over - it is NOT worth it it my opinion.
STUY TOE. HIT A NEW LOW TONIGHT I CAME HOME FRPM WORK TO FIND A BROKEN KEY IN MY FRONT DOOR LOCK FROM ONE OF THE MANY "INSPECYTRORS" COMING BY TP INSPECT ( STEALL FRM) MY APARYMENT THE SCOUNDRALS MUST HAVE RUSDHED OUT AMD BROKE THE KEY IN MY LOCK HAD TO CALL A LOVKSMITH TO COME BY AND REMOVE IT O CANT LIVE LIKE THIS HABING STRANGE MEN. OMING ANF GOING FROM MY SODRYMNT WHENEVER THEY FEEL LIKE IT DO I NOT HABESNY EXPEVTJNIHON OF PRIVACY WHST IF I WAD IN THE SHOWER AMD HAD SNOTHER IMPOT,PTU INSOECTION. THIS IS ILLEGAL ANF AT. TIS POINT I AM GOING TO ECPLORE THE OPTION OF LEGAL MONSTER MACARTHUR AND HIS GOON SQUAD CANY COME INTO MT AORAT MINT WHEBEVER THEY FEEL IKE IT I CANT BE THE ONLY ONE THIS IS HAPPENEHING TOO IS AMYONE EKSE HAVE THIS PROBLIM
ReplyDeleteAt the price they will likely ask for this place, it probably makes more sense to take a pass on a tenant buyout. Half of us pay reasonable rents. The other half are just passing through anyway.
ReplyDeleteThis place will probably just be handed off to the next humongous real estate conglomerate and, as horrible as it may sound, it might just be in our best interests to let that happen.
And, if you disagree, I'd be happy to sell you my place ;)
TOTALLY AGREE WITH EVERYTHING YOU SAID January 17, 2014 at 2:14 PM!
ReplyDelete
ReplyDeleteMore tenants should go on Yelp I guess. Post what they experience. Such a shame about this place.
And ITA, Was much better even when TS and RA handled.. To think it will only get worse.
STR thank you for including a link to Yelp on your sidebar. I spent a half hour reading horror stories from tenants who used to live here. Andrew MacArthur and Compass Rock have some audacity collecting a management fee for their "service."
ReplyDeleteDOS ANYONE HABE HEAT.? ME NEERTHR! ID SUNLET OUT MY APRATMENT FOR MEET STORIGE IF I DIDNT THINK ANOTHER INSORCTOR WOULD BE BY TO SPY ON MR ANY MINUTE NOE. WITH THE FREQUNCEY THESE INSOECTIRS COME I SHOULD START SERVING THEM LUNCH AND DINNER BUT THEY WOULD FREEZE LIKE ME SINDE I HAVE BO HEAT I HAVE TO RUN MY OVIN WITH THE DOOR OPEN AND USE A FAN TO BLOW THE HEAT BACK TO MT BEDROOM AND USE A HAIR DRYER UNDER GHE COVERS TO WARM MY BED
ReplyDelete"And, if you disagree, I'd be happy to sell you my place ;)"
ReplyDeleteThanks, but they're only going to allow us to buy the place we're living in, otherwise I would have taken you up on that. People don't seem to realize that it doesn't matter that this place is a sewer, these units will STILL sell at big $$$$$.
The thing is, on top of management being what it is, we are not acting as one.
ReplyDeleteThere are really rude tenants living here. Not giving a crap about how they treat neighbors and each other. This is sickening. At the very least, the residents should be polite and considerate of each other.
CAPS, please buy a space heater. An oil-filled electric radiator is so much safer than leaving the oven on or using a hair dryer to warm up your bed!
ReplyDeleteSTILL NO HAVE HEAT THERNOTIMER SAYS ITS 58 DEGREST IN MY APRATMINT ID CALL THE MSMGINIMT OFRACE BUT THE CALKK TO INDIA WILL BE TO EXOEJSIVE I NEED TO PINCH MY PENNIES TO KEEP FURBREEZE IN STOCK TO SORZY IN THE HALLWAYS TO KEEEP THE SCHMEAR STSPENCH AT BAY AND DOGS ATENT THE ONLY ONES PLAYING SCOOTER ON THE CARPSTING THERE WAS A BABY OUT THERE EARLIER IN THE DAY SCOOTING TOO BUT NOT ON SCOUTER IF YOU GET MY DRUFT THETE SO NOW ARE MULTIPLE SETD OF SKID MARKS IN THE HALLWAYS CRAPETUNG AND SOME POO ON THE WALL TOO TGANK TO BABY MEFESTOPHOLIS AND HIS DRIP ART EVERUONES A GOD DAMN POLLACK ON THIS PLAVEC KILL MEE
ReplyDeletePeople without heat MUST CALL 311 and file your complain on record to get it fixed fast. 311 really works and CW doesn't want the truth of the conditions known so they will address it FAST once its on the City record.
ReplyDeleteCALL 311 and get it on the record!
TO
ReplyDeleteJanuary 18, 2014 at 3:36 PM
WHO SAID
Anonymous said... The thing is, on top of management being what it is, we are not acting as one. There are really rude tenants living here. Not giving a crap about how they treat neighbors and each other. This is sickening. At the very least, the residents should be polite and considerate of each other.
LACK OF UNITY = LACK OF GOOD LEADERSHIP!
IF WE HAD GOOD LEADERSHIP WHO FOUGHT FOR US WE WOULD FOLLOW THEM.
LOVED THE WILLIAM WALLACE COMMENT. TRU DAT.
If MANAGEMENT GAVE A FLYING F THEY'D DO SOMETHING ABOUT THE HORRIFIC NEIGHBORS PLAING LOUD MUSIC, RUNNING UP AND DOWN THE APARMENTS.
ReplyDeleteHOW ABOUT A SIGN IN THE SHITASS LOBBY: NEIGHBORS, STOP THE MADNESS , PEOPLE LIVE UNDER YOU AND NEXT TO YOU. Lowlife scum here.
Not a bad idea. The landlord should post signs. Why not?
ReplyDeleteTenants: Please be respectful of other tenants. Loud music not tolerated, banging screaming obnoxious tenants not appreciated (children too).
ReplyDeleteBECAUSE THE LL LOVES that you're fed up, fighting with each other , fighting with neighbors SO YOU'LL MOVE OUT.
SO WE WILL ALL MOVE OUT.
PS. my post comment on Yelp was deleted! w.t.f.