I'm not a lawyer, and I don't play one on TV, but I can't help wondering if the incestuous relationship in the possible purchase of Stuyvesant Town and Peter Cooper Village is legal.
Here's the trail:
CWCapital is the special servicer in charge of PCVST. "CW Capital’s primary responsibilities are to maximize recoveries and mitigate risks and losses for the first mortgage investors." CWCapital was sold to Fortress Investment Group a few years ago, in 2010, the very same year that Tishman Speyer defaulted on PCVST and had to give reins over to...CWCapital. Now Fortress Investment Group is seeking financing to buy....Stuy Town and Peter Cooper Village. (Note: Like Tishman Speyer, they are not using their own money, but seeking outside financing.) Shouldn't the bidding on this property be on the "open market"? Did Fortress Investement already have a plan to buy PCVST from the very beginning, in which case the TA interest in buying the property with Brookfield as a partner was a Quixotic, pitiful hope that wasted time, energy and emotions? (A couple of years ago, I heard from a well-positioned inside source that the there was no way the property would be sold to the tenants. This appears not to have been a prediction, but a statement of fact, if the above all pans out.)
In it's a small world department, we learn that "Fortress was founded as a private equity firm in 1998 by former BlackRock and UBS executives." BlackRock was in partnership with Tishman Speyer when this complex was sold by MetLife back in 2006.
The real concern is that CompassRock (a subsidiary of CWCaptial) has run this place terribly and would probably continue on as manager, since CompassRock=CWCapital=Fortress Investment. I'm almost willing to have Ivanka Trump run this place rather than these bastards.
Whatever the connections and whatever the plans, we do see, once again, that we, the tenants, are insignificant to the Powers That Be and will always be. It's a big fucking Monopoly game, and we don't even have the money or influence to own Mediterranean Avenue.
yep will get uglier
ReplyDeleteBetter call Saul!
ReplyDeleteSelling to Brookfield would be "selling to the tenants"? That's news to me.
ReplyDeleteDoesn't the public have a right to view all documents and emails between politicians and their dealings with Fortress, Michael Novogratz, CW, Compass Rock, Isn't that all supposed to be in the public domain?
ReplyDeleteAnyone know who was involved in the MCI "negotiations"
ReplyDeleteThe names of all the people who had say.
Anyone know?
Definitely illegal maneuvers. Too many closed door secret dealings these past years. Shady. So shady. All of them.
ReplyDelete"Mongo only pawn... in game of life."
ReplyDelete4.7 Billion? When the place has recently been valued at 3.4 Billion? Something wrong here. You better believe that if this is a conflict of interest, there will be lawsuits galore brought against CW & Fortress. There's too much money to be made on this deal for all the other greedy bastards to lay down & die.
ReplyDeleteI foresee money being invested by hedge funds (remember Bill Ackman's attempt to buy us?), and it's hard to know who's scummier, them or the real estate types.
ReplyDeleteLets make some more noise guys to scare these people off. I don't really have any savvy ideas but maybe a march or something.
ReplyDeleteWe may have to fight to the end on this one. Can't give up.
From following the blog it would seem
ReplyDeleteMCI negotiation result = Increased rent roll and threat to tenants not to exercise rights with PAR
Roberts settlement result = Increased rent roll and tenants rights again oppressed
Roberts Ruling result = should have been criminal charges for massive theft and fraud but instead a settlement that undid the ruling
Beneficiary of increased rent roll = buyers and sellers
Losers = residents of New York
Where is the District Attorney
in all this?
And to all you who negotiated "so hard" and all the patting on the backs of each other for your hard work to successfully increase the rent roll - what we have learned is NOT to follow you on anything, anywhere you try to lead us. We know the path you are paving despite your complete absence of transparency and attempts to control the message.
Wait till Compass Cock gets control of this place.
ReplyDeleteThen you'll really see war. Harassment, phony primary residence suits, further diminution of services, complete commercialization of the Oval, massive influx of students doubling and tripling up, reduced maintenance, MCI's galore...just wait. You'll wish for the halcyon days of Boy Robbie of Tishman-Speyer fame. These ghouls will stop at NOTHING to empty ST-PC of the old time rent-stabilized folks. Mark my words. The war is just beginning!
These so called corporate giant housing valuation experts (more than 4$ billion?) must be man-made climate changers deniers as well since, post Sandy, at least one third of PCVST is now in a mandatory evacuation flood zone.
ReplyDeleteOh i Know it to be true :
ReplyDeleteI have been saying this since last year. Tishman was way better than this and will get worse.
Careful what you wish for.....
10; 42 am. but we are following .
ReplyDeletewe are all here doing nothing and not moving out.
If we want to save STPCV and the city really wants to preserve the affordable housing here then each tenant will have their apartment audited. That will give a true rent roll. That will keep the price closer to where it should be. That will save a lot of tenants a lot of money from the Compass Rock CW illegal overcharges of the past years.
ReplyDeleteEach person save your home. collectively the apartments saved will preserve affordable housing and PCVST.
1:15 pm: what do you suggest that we individually do?
ReplyDelete
ReplyDeleteWhere is this AUDIT process that you speak of? If you call or visit the department of housing, they know nothing of this. Please explain in detail with forms, links, phone numbers, websites.
2:13 why do you keep asking other people to tell you what to do? You know what to do. You are just trying to get those who are helping tenants to reveal themselves.
ReplyDelete1:15 keep helping tenants and don't fall for the 2:13 tricks. keep ignoring them.
No tenants ever get their apartments audited here. Most are afraid of the abuse they'd get from CR or the prior management for doing so.
ReplyDeleteOrganize!
ReplyDelete
ReplyDeleteIsn't it odd that the ST website shows apartments available for September, October... How do they know now???
There is No Audit form on the DHCR site. You probably can file for overcharges of apartment - LOL. Good luck. They are not ON OUR SIDE.
ReplyDeleteI don't think 2:13 knows what to do. I think this is typical of 75% of the population of pcvst. After a while, what's the point, they're going to take it all. We've been through this before and they keep throwing us to the wolves.
ReplyDelete
ReplyDeleteAs suspected no one here posts regarding having audits done as there really isn't one. No help at DHCR for tenants in NYc.ever.
ReplyDeleteTrouble with pipes? Trouble with appliances? LOL Read Yelp. Call your property manager. So helpful. N-O-T.
I LOVE living here. NOT!!!!!
ReplyDelete
ReplyDeleteWhat are property managers actually doing for tenants? hmmmmmm