Thursday, May 29, 2014
Wouldn't It Be Funny
If Fortress, or someone like them, buys the property and decides to turn the units into condos? They'd get a portion of RS tenants to give up their RS rights and acquire loads of money from the sale of these condos and perpetual monthly maintenance fees that could match, if not exceed, current rents.
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34 comments:
No, STR, it would NOT be funny!
Yes, STR, you are a real comedian. Meanwhile. With a reported $4.7 billion bid on the property by Fortess, TA President John Marsh said the pressure to make a profit is likely to create a repeat scenario of the Tishman Speyer purchase with its business plan of evicting tenants paying lower rents. “Right this instant we all need to start talking about what we are going to do about Fortress and the other sharks circling us,” said Marsh.
Terribly funny.
If they were genuinely responsible and of good intention they would honor Affordable Housing, put a moratorium on removal of RS apartments on the complex, once those apartments legally reach max cap of $2500 freeze it to keep affordable housing in PCVST, first remove the 3000 dorms and their wall partitions and sell those instead of even one RS apartment. If they had any honor at all they would scrutinize the rent roll and return money stolen. That is what a good condo owner landlord would do.
I can be bought out for 2 Million!
50+ years no upgrade lease and they can get me out for that paltry sum....hmmm OK maybe 3 or 4.
There was a point to that funny business: that a condo conversion by Fortress or anyone else would have the same effect that a tenant buy-out condo conversion would have: the loss of affordable housing in ST/PCV.
We need to stop renting to these students and get back some stability here!
There is this continued reference to NYU renting 3,000+ apartments. Can anyone point to where this fact comes from?
IF NYU rents 3,000 apartments don't you think they have a louder voice than the TA? Scarey...
Up until a week ago, before Fortress cut the TA out of the deal, the TA were one of the sharks circling.
They can't evict you (9 45 am) stop spreading alarm sounds , no one should ever leave here unless they want to.
Totally crap if you believe or are intimidated by CWC or any other ll. File complaint if they are harassing you.
They , WE, were never in the deal.
they've been playing us and the TA for so long, keeping us busy, enticing the TA, yes, we'll talk about selling to you... (barf, fake, cough, as IF)
while that kept us distracted from fighting their fake increases on leases here and Mci bills.
Town & Village posted an editorial of Marsh. I posted a response to it in hopes of providing a differing opinion.letters to the editor 5/29. tenant since 2001.
TA is so full of sh*t.
They're going to bid?
With what?
They don't have a pot to piss in.
And that "rally" on June 13th...woo hoo...Fortress and CWC must be shaking in their boots.
The TA sucks, the pols especially Danny Boy Garodnick suck,
Hoylman, Maloney too.
What a bunch of self-important, ineffective phonies.
So sad..the destruction of Stuy Town.
BUT WAIT....we have the Summer Concerts to look forward to. The noise will surely wake the dead.
I found out today that some students rent here and don't even stay a year. Once located, they find cheaper digs in the neighborhood and move out in a couple of months. This means that the churn is much quicker than thought. It's the renting to students that's killing us.
Well, I figure that 2 yrs ago the conversation between Garodnick and the TA board went something like this. We got outbid last time. We don't want that to happen again so we have to bid high. They only way we can do that is by going with powerhouse developer and supporting a condo plan because condo plans bring in more money for the developer. Enter Brookfield and a condo plan. But CW comes in with Fortress playing the 'mine is bigger than yours' game. So the TA plan loses again. This is what the TA gets for stepping out of the advocacy role and getting involved with dealers and politics.
Well said post on T&V 3:28
Just for the record: Someone istaking off all the PAPERS int he buildings and elevators about June 13 and downtown rally.......
Hey 2:48 PM, try telling the 4,000 or so tenants that Tishman evicted, that no one can evict you.
9:45AM was just quoting John Marsh.
You can rant and rave all you want, but facts are facts.
PCVST will sell, someone will buy it. And if its not the tenants it will be a for profit company, that are all about making a profit. Like it or not.
Why are the building fliers gone from our building with information on june 13?
It is a myth that ownership will tangibly improve quality of life issues (at least for many years into a conversion). The "sponsor" would likely retain the majority of the shares for many years (statistically this is true) and thus have more power on how the place is run. Think ersatz-dorms are bad? A coop I know of had to put up with the sponsor renting his units out to social services, until enough units were finally sold and the shareholders had more control. That is reality.
4000 people evicted? No, attempted
Prepare yourself it the inevitable 9:04, no matter how much you try to convince yourself it won't happen, some form of ownership, condo coop or condop, is coming..,,
NYU rents a handful of apartments in our complex....and they are to graduate students. The myth that NYU rents apartments to undergraduates is nonsense, and you should all know the truth.
10;32 pm. NO, you are wrong. There is
NO reason to convert the property to condo or coop. It continues to profit as a rental and will increase as such.
THE JUNE 13 TH RALLY should be put out there to all NYC residents - it's not just about stuytown -
THERE IS NO AFFORDABLE HOUSING HERE in this city.
12:05 AM You are wrong. It is not a handful - it is a large amount of apartments. There are at least 12 - 50 apartments in each and every PCVST building.
Are you trying to cover it up?
Actually, they can evict you--eventually. Meaning, in the next six years, you will see MCI after MCI after MCI and combined with annual rent increases, your rent will soon be over $2,500. Come 2020, those with incomes over $125K for two years, that means buh-bye. They don't even have to offer you a another lease, but it will be at say, $8,000 by then. For the ones under the income limits, they will have to wait for you to pass on, but that's a war of attrition. Then down come the buildings as they clear out and up go much more densely built high-rise expensive condos.
12:05...I saw 2 students who were moving out yesterday. Not a day over 20. There might be a limited number of leases where an NYU rep has signed, but so far as renting to students....there are plenty of undergrads here. And grads.
12:05 A handful?! BS
Over 3000 apartments with as many as 3 - 5 adults living in each is A LOT!
Did you at least upgrade the plumbing in each of our buildings to accommodate the doubling of the number of adults in each building because that is a lot of crap!
GET RID OF ALL OF THE STUDENTS!
"Wouldn't it be funny" if I won Lotto? Yeah, now THAT would be funny.
Let's see the leases for the NYU students? let them foot the Mci bills and fake renovation bills.
$150k renovation in a one br, - my ass.
8:30 AM
Cut out the accusations. There is student housing throughout ST, but it's very limited, and it's nowhere near the crazy numbers you invented. The problem is that the overwhelming majority of the parents renting here for their student kids are renting regular old ST apts through the leasing office just like everybody else and are getting dragged here by brokers just like everybody else, not by NYU student housing reps or whoever. The landlord likes to rent to students so they can flip the apartments constantly and build up the 15% vacancy increases until legal rents on RS apartments are waaaaaay above market rate.
12:23 PM Suggest you double check your information with the City Records and the NYU Compass Rock documents. The NYU Housing apartments in Stuy Town and PCV is above 3000.
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