Everything looks lovely, though the caution is that these type of renderings never accurately represent the final outcome.
Far be it for me to give management pointers on how to deal with tenants, but, guys, don't you think you should be more transparent in what you are doing around the property and in a timely manner? This artistic rendering and a diagram of the extension should have been made available to tenants months ago.
UPDATE 2/2/14: The latest photo of the area...
Ha! Like it will ever look like that! Kudos to the 3D Studio Viz guy.
ReplyDeleteIn reality it could look like crap with that extension jutting up. Perhaps they should start considering placing trees all around it.
ReplyDeleteLooks to me as though some apartment windows will be at "ground" level. Hope the window bars are sturdy and that the sprinklers point the other way. Those tenants should get a reduction in their rent.
ReplyDeleteAre the tall trees in the upper right corner of the picture grown from magic beans?
ReplyDeleteWhat is all the green? Vines? AstroTurf? It looks like a doomsday bunker.
ReplyDeleteIt looks like first level apartment windows are partially below ground. The glass entrance looks like a subway station elevator entrance. Who designed this and where are any tall trees?
ReplyDeleteThere was a link to this post on the TA Facebook page, with comments, but suddenly it seems to have disappeared. Does anyone know if that was the decision of the moderator or the decision of the original poster?
ReplyDelete"There was a link to this post on the TA Facebook page, with comments, but suddenly it seems to have disappeared. Does anyone know if that was the decision of the moderator or the decision of the original poster?"
ReplyDeleteToday's moderator is on a purge binge.
Do we know if Peter Stuyvesant removed that post and its comments? I just want to make sure.
ReplyDeleteSTR, I suspect that your hall monitor and today's "Peter Stuyvesant" are one and the same busy little control freak.
ReplyDeleteThis is different from the original plans. Its a modified one probably to get permits through. Doubtful finished construction will look like this. Will be much worse.
ReplyDeleteWhat is the TA up to now?
ReplyDelete>>STR, I suspect that your hall monitor and today's "Peter Stuyvesant" are one and the same busy little control freak.<<
ReplyDeleteI'd be shocked if she were given such powers!
I can't believe that picture of the site today. Disgusting.
ReplyDeleteAnyone with half a brain and half a heart would have been smart enough to know the offices should have gone in existing space. Nasty selfish greedy people.
I think the hall monitors are a husband and wife team, and you probably know who they are.
ReplyDeleteUrban blight, I understand the Porters closets will be converted into short term economy lodgings.
ReplyDeleteAt the Oct meeting, CW Cap people would not answer questions about how far the roof would jut up out of the ground. Based on the rendering, it's easy to understand why. It looks to be around 4' high, all the way up to ground floor windows.
ReplyDeleteanyone get a notice for INSPECTION OF ELECTRICAL SYSTEM for their apartment?
ReplyDeleteWTH????
Could we shovel wet cement into the 4' high windows and then brick it up? With senior management inside, of course. :-)
ReplyDelete12:10 you are right they didn't. Worse the TA knew M level apartments would be below ground like a tenement basement apartment at that meeting and said nothing. The design should have been opposed by TA not blessed by them. I feel bad for the M level.
ReplyDeleteThese people are making a mess of PCVST. The construction worker confirmed the ground will be filled up to come up to the bottom of the window frame of the M level apartments in 276 and 274.
1:38 I second that!
ReplyDelete"anyone get a notice for INSPECTION OF ELECTRICAL SYSTEM for their apartment?"
ReplyDeleteOH! NO! NOT ANOTHER FUCKING INSPECTION! IT'S WORSE THAN BEING IN THE ARMY WITH ALL THESE INSPECTIONS!
The electrical inspection is BS. They were supposed to do electrical, plumbing, and all inspections before construction began to assure buildings could withstand the offices and equipment. Doing inspections now is too late. Refuse the inspection. It is BS.
ReplyDeleteI think this looks great! Of all the things you want to complain about, you choose a below ground, basically invisible management office?
ReplyDeleteA giant chia box sticking up 4 feet out of the ground isn't exactly invisible. Imagine having it right outside your window. You can't be for reals.
ReplyDeleteI think this looks great! Of all the things you want to complain about, you choose a below ground, basically invisible management office? >>>>
ReplyDeleteYou're not seeing the Big Picture, are you? The buried M level apartments; the decimated trees and grassy spaces? Not to mention the filth, noise and total disruption to the people living in the affected buildings. They should have used some of the commercial property that is constantly changing hands on the outside perimeter of First Avenue. What they would have lost in rental revenue would have been much less than the exorbitant cost of this monstrosity they are building here and they wouldn't have had to destroy anything.
So the electrical inspections are for the buildings affected by the construction? Bit late now. Just shows how these bloodsucking bastards do everything ass-backwards.
What a shame!
ReplyDelete
ReplyDeletehuh? the electrical inspection is in my apartment. No where near construction.
newly renovated and DOH has to see it.
It looks like a bus stop.
ReplyDeleteTalk about a big waste of money. 3 million on this?
ReplyDeleteNo one in their right mind would waste that if it were their own money. Easy to spend someone else's money like this.
Such a Rip-Off.
ReplyDeleteIf they are heading towards a 'SALE' why would they spend 3+ million on an office that needed no upgrading....
sounds fishy.
Well, they get to offer up a brand-new, 3 million plus, management office for sale along with the property. So a nice perk for a potential buyer.
ReplyDeleteAnd a super nice perk if there is going to be an MCI attached.
ReplyDeleteso who foots fthe bill for the 3 million+? the tenants?
At least there won't be an MCI for this thing. That subject came up at the Oct meeting and it's not eligible for one.
ReplyDeleteWhat they did to those trees and that open space is disgusting.
ReplyDeleteTA DG CW need to go away.
ReplyDeleteWe need to rent strike.
We need to plant tall trees.
And bring back the park that used to be here and is no more.
Sandy money may cover however much of the immediate cost, but it's ultimately likely to be built into the cost of buying the place. They're not getting this perk for nothing.
ReplyDeleteDid anyone find out the square feet of 317 Avenue C and how this compares? We heard these offices are much bigger and that is why they ripped up the trees and land because they wanted bigger offices.
ReplyDeleteThe TA is hoping this will be their new office when their plan of ownership is complete.
ReplyDeleteDream... dream, dream, dream..
You think living here now is bad? Wait until your neighbors are your landlord.
So, counting my coins now...
ReplyDeletewhat is eligible for an Mci?
have to pay for the new lift
have to pay for the intercom
have to pay for the electric
hmmmmm, what kind of rental is this?
How appropriate "I think this looks great! Of all the things you want to complain about, you choose a below ground, basically invisible management office?" For a basically invisible management presence.
ReplyDeletePerhaps we are all part of a Reality TV show, Flip this Complex.
February 3, 2014 at 5:49 PM
"If they are heading towards a 'SALE' why would they spend 3+ million on an office that needed no upgrading...."
ReplyDeleteSounds like a good question to me, and one that I've been asking for a while. Unfortunately it's one that no one seems to be able to answer. Nor can anyone answer whether or not there is a deadline for CW to dispose of this property.
Id' rather have (plus i have had) neighbors as landlords.
ReplyDeleteseriously??????
"If they are heading towards a 'SALE' why would they spend 3+ million on an office that needed no upgrading...."
ReplyDeleteC'mon, people. Use your heads!
What do you mean "an office that needed no upgrading? There is NO Management office here anymore since Hurricane Sandy wiped out the former one on Avenue C. An on-site Management office makes the property more valuable to a potential buyer. THAT'S WHY THEY'RE BUILDING A NEW ONE. TO INCREASE THE VALUE OF THE PROPERTY. That's why they do everything they do here. It's ALL AND ONLY about the money.
That being said, I'm not so sure they're planning to sell ST/PCV any time soon. They receive millions of dollars in yearly fees in their capacity here as Special Servicer AND management company. Why do you think they replaced our former, much-more-experienced management company, Rose Associates, with their monumentally inexperienced management company, Compass Rock? BECAUSE THEY COULD MAKE MORE MONEY. That's why. The only way they'll give their millions of dollars in fees is if they have to, legally.
ReplyDeleteUm, just renovate the old offices. What are they planning to do with the original, flooded office space on Ave C?
"C'mon, people. Use your heads!"
ReplyDeleteWhile you are correct, there is no management office, they could have used one of the existing commercial spaces. Furthermore, your theory of CW attempting to boost the value of the Sty flies in the face of what Blattman said at one of our glorious TA meetings. Above and beyond the initial 3 billion, there is "no place for the money to go". Unless, of course, you contend that they are trying to bring this cesspool UP to the 3 billion mark and that you believe that this dump is currently worth less.
Since Blattman is willing to write a check for 3 billion right now, ostensibly there is absolutely no reason for CW to engage in any major construction activities. This, perhaps, argues for the conversion ultimately being nothing but an absurd pipe dream.
>> C'mon, people. Use your heads! <<
ReplyDeleteCould it be that CWCapital intends to become the owner in 2014, and are presently spending "other people's money" to design a state-of-the-art Management Office to their own exacting standards?
It's quite a dilemma for our special servicer/ management provider. Upgrade the property to be attractive for a "re-sale" or continue to provide the management services at approximately a million a month. Oh what to do? Provide unnecessary upgrades to spend/kickback funds to similiar newly created construction contractors. If I didn't know otherwise I'd think we were in NJ
ReplyDeleteThere is NO way that CWCapital is going to give up the valuable rent roll on any commercial space here to install a management office in its place, especially since, unlike the rental office - which they want to be in a prominent location on the perimeter of the property - there is absolutely no need for the management office to be situated in such a valuable location.
ReplyDeleteI was also at that meeting where Barry Blattman claimed that above and beyond the initial 3 billion, there is "no place for the money to go" and I think that a some of investors in the mezzanine debt who lost money on the Tishman debacle - including CWCapital who lost 90 million dollars - might have something to say about that.
"I was also at that meeting where Barry Blattman claimed that above and beyond the initial 3 billion, there is "no place for the money to go" and I think that a some of investors in the mezzanine debt who lost money on the Tishman debacle - including CWCapital who lost 90 million dollars - might have something to say about that."
ReplyDeleteThat's a good point! When it comes to stealing and using Other People's Money, this scum has totally no shame.
"I was also at that meeting where Barry Blattman claimed that above and beyond the initial 3 billion, there is "no place for the money to go" and I think that a some of investors in the mezzanine debt who lost money on the Tishman debacle - including CWCapital who lost 90 million dollars - might have something to say about that."
ReplyDeleteWell this raises some interesting questions. It's quite alright for the investors in the mezzanine debt who lost money to have something to say about it, however, the issue is whether or not what they have to say is relevant. If they CAN be compensated for their losses, does one not wonder how and why Blattman would make the comment that he did? So we're kind of left with two possibilities:
1. There is in fact "nowhere for the money to go" and, therefore, no reason for CW to be concerned about boosting the value of the sty (they are already guaranteed 3 plus billion from Brookfield). This also would contradict your theory of why CW is putting the new office where they are as opposed to using existing office space. Or
2. Blattman was just plain incorrect with his "nowhere for the money to go" comment. I would hope that the pick of our TA for our next purchaser would know what the real estate laws are.
Of course, it would be nice to hear from the TA regarding this issue but alas, I shalln't hold my breath.
ReplyDeleteDoes anyone drop off or pay rent early, only to get late fees fines still?
WDYD?
So, if all CWCapital is allowed to collect is 3 billion dollars, why aren't they willing to entertain the bid the TA and Brookfield are prepared to make?
ReplyDeleteHere are some possible reasons:
1. They earn 7.5 million dollars in Special Servicer and Management fees here every year.
2. As Special Servicer and Manager of STPCV, they earn other money from sources and/or for reasons -- possibly by special arrangement with the bondholders and/or Tishman Speyer, who brought them onboard here -- that we aren't aware of.
3. They get kickbacks for all the work -- construction; landscaping; skating rink installation, removal and playground restoration -- done on the property.
4.There really is, despite Barry Blattman's assertion to the contrary, someplace for the excess money over the 3 billion dollars to go.
Take your pick, but there is/are reasons they aren't selling yet.
If there was any doubt that this place will sell for more than 3 billion, read this article:
ReplyDeletehttp://www.stamfordadvocate.com/news/article/Blackstone-Starwood-win-in-CWCapital-sale-5209048.php#page-2
In Manhattan, which has led the commercial real estate recovery and has seen prices approach peak levels, CWCapital's eventual sale of Stuyvesant Town will be the biggest special servicer deal to come to market. The property's value has rebounded as New York's apartment market tightened and CWCapital pushed through rent increases.
An April 2013 legal settlement on rents at the complex will take about 18 months to implement before sale, according to a servicing note last month, suggesting Stuyvesant Town wouldn't come on the market until later this year at the earliest. The property was valued at $3.4 billion as of Sept. 1, up from about $2.8 billion when CWCapital took it over, according to Bloomberg data.
"CW's decision to hold the StuyTown assets and improve their operations as servicer has been the right call and benefited bondholders as the implied value of the assets has increased significantly," said Edward Shugrue, chief executive officer of Talmage, a New York-based investor in commercial property debt. "Given the economic tailwinds and strong demand for New York real estate, 2014 could be a very opportune time to explore a disposition."
Yes. Paid rent early. Dropped in box on 1/31/2014 and no check cashed.
ReplyDeleteoffice says maybe the weather...
Not paying any late fees. If they charge me, or even think about charging (have never been late with one bill in 30 years) i will raise hell.
Wait a second, there's no place for the dogs to shit and piss in this artist's rendering!
ReplyDeleteLATE FEES ARE NOT ON ANY LONG TERM TENANT LEASES
ReplyDeleteif you are a long term tenant that means your lease does NOT have a clause in it that allows them to collect late fees. by law you are entitled to a renewal lease with the exact same terms previous year.
if cw added new clauses like late fees then cw broke the law and you should report it to dhcr immediately.