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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.

Tuesday, June 3, 2014

From TA: Friday, June 13: What We Know… What We Don’t Know… What We’re Doing About It

http://www.stpcvta.org/ta/post/update-stuyvesant-town-peter-cooper-village-foreclosure

We’ve known it was coming eventually—another sale of Stuyvesant Town and Peter Cooper Village.

The Tenants Association has been working diligently for years to try to preempt this process. We have approached CWCapital with our partner, Brookfield, and repeatedly offered them an opportunity to partner with the tenants—and make their bondholders whole in the process. That, of course, is what a special servicer should be looking for.

Rather than engage and allow us access to the necessary information to finalize our offer, CWCapital made excuses while collecting hundreds of thousands of management fees every single month and accruing $90 million in default interest every year.

Now, on Friday, June 13, 2014, CW, as special servicer to the CMBS (commercial mortgage-backed securities) trusts, will foreclose on the remaining junior debt and become the owner, at least for now. They even might turn the property over to their parent company, Fortress Investment Group—and you can bet Fortress has no interest in the long-term affordability of this community.

But even though CW has tried to shut us out so far, the Tenants Association is actively pursuing all possible angles to strengthen the hand of residents during the process of foreclosure and sale. And if appropriate, we will continue to pursue our own bid.

Here’s what we know, what we don’t know, and what we are doing about it.

What We Know

1.  CW will attempt to foreclose the junior debt on June 13 and, at least temporarily, become the owner.
2.  A number of interested real estate entities have emerged as potential buyers, but in order for them to walk away as the owner on June 13, they would have to pay off the entire first mortgage (plus fees, interest, advances, etc.) within ten days. Once you add it all together, it comes to around $4.7 billion—precisely the amount that Fortress is reportedly interested in bidding.
3.  Fortress itself would likely need to come up with $4.7 billion within ten days of June 13 in order to become the owner. That is a lot of money for any potential bidder, and it is generally expected that this process will take longer.
4.  CWCapital is expected to transfer the property and not hold it themselves—but they have not disclosed the precise process that they will employ.
5.  Our homes are protected by rent stabilization, and that will not change unless the law is not renewed in June 2015. For Roberts residents, their units are covered until the J-51 tax abatement expires in 2020. We have seen no bidder other than the Tenants Association that has any plans to protect the long-term affordability of this community. Most have been determined to turn rent-stabilized units to the market quickly.
6.  This transaction is important to the City of New York, and Mayor Bill de Blasio is actively engaged in exploring ways to aid our cause.

What We Don’t Know

1.  Whether CWCapital will be compelled to sell ST/PCV to its parent company, or whether they will conduct a full auction process.
2.  Whether another lender will try to upend or stall the process set in motion by the foreclosure.
3.  Whether Fortress or any other interested buyer will try to raze buildings and/or develop our valued open spaces.
4.  Whether CWCapital will continue to shut the tenants out of this process.
5.  How or whether the City will intervene in this process.

What We’re Doing About It

1.  We are prepared to make a formal bid in an auction, if we believe it can be competitive while still achieving our goals of protecting the long-term affordability of this community.
2.  We have engaged with Mayor de Blasio, Deputy Mayor Alicia Glen, and Commissioner of Housing Preservation and Development Vicki Been and asked for their support.
3.  We have briefed New York State Attorney General Eric Schneiderman on our situation and shared our concerns.
4.  Our councilman, Dan Garodnick, has formed a citywide coalition to fight predatory equity in housing to help add weight to our battle. Fifty elected officials, including five members of Congress—among them our own congresswoman, Carolyn Maloney—have joined.
5.  State Senator Brad Hoylman, Assemblyman Brian Kavanagh, and Councilman Garodnick are working on an emergency package of legislation to be introduced at both the city and state level to help protect the long-term stability of communities such as ours.
6.  We are preparing to be loud in defense of the interests of the residents of this community. We have organized a tenant rally at City Hall at 10:00 a.m. on June 13—the date of the scheduled foreclosure—to make clear to CW and Fortress and other potential bidders that we deserve a seat at the table. If you want ST/PCV to stay as a place where we can all afford to live, be there with us on June 13.

Ultimately, we can control only what we can control. But we can continue to make sure our voices are heard and try in a thoughtful, aggressive, substantive way to affect what happens when CW forecloses—not just for ourselves but for those who aspire to live here in the future.

Anyone who plans to bid on the property needs to know: we’re here, we’re committed, and we’re not going away.

RSVP to tell us you’re coming and, if needed, to reserve a seat on the bus to and from the rally at stpcvta.org/june13 (you will get a confirmation). Or contact us by phone at (866) 290-9036. The bus can accommodate walkers, rollators, and baby strollers.

Buses leave from 19th Street and First Avenue at 8:45 a.m. SHARP. Estimated return time is 11:00–11:30 a.m.
You may also reach City Hall by public transportation.
Subway: Take the 4, 5, or 6 Lexington subway to Brooklyn Bridge/City Hall, or take the R train to City Hall.
Bus: Take the M103 on Third Avenue to City Hall/Park Row, or from Peter Cooper Village at 23rd Street and First Avenue, take the M9 to City Hall/Park Row (takes longer than the M103).

43 comments:

Stuy Town Reporter said...

It's about over, isn't it?

Anonymous said...

Over or not, I'm glad the TA, and hopefully many concerned tenants, are at the very least doing something proactive in letting their voices be heard.

Anonymous said...

Yep. Shortly after June 13 Fortress will be acquiring property. Only hope is that a court invalidates sale if no auction is held. And if auction is held, there will probably be another bidding frenzy as there was when Tishmsn Speyer bought property which means even a higher purchase price , more debt, fewer tenant services and increased pressure to constantly increase rents. We are royally screwed but some politicians and a few members of the Tenant Association Board will get their faces on TV at the rally , so it's all good !

Anonymous said...

Its important our voices are heard - in the right way.
This rally is murky in meaning.
I do not support the Brookfield agenda so I cannot support the rally
...but I do support PCVST.

Anonymous said...

Where is the anti TA rally?

Anonymous said...

"Listen, and understand. That terminator is out there. It can't be bargained with. It can't be reasoned with. It doesn't feel pity, or remorse, or fear. And it absolutely will not stop, ever, until you are dead."
http://www.businessweek.com/news/2014-06-02/willis-tower-debt-put-in-special-servicing-fitch-says

I am still going to the rally. If nothing more then, as a condemned man, to say a final FU to CWC.

Anonymous said...

Even if you don't support the Brookfield deal, I think it is important to get out there and attend the rally. We need to show these predatory bastards that we are unified in our hatred of them and we will be very troublesome if they fuck us over too much.

Anonymous said...

This TA helped Fortress Compass Rock hurt this community and the grounds for years. They have not been troublesome to predators in the past, not even once, and they won't be in the future. Its more lies from them for their self serving interests. I would rally for tenants, for affordable housing, for the grounds. I won't be rallying for the TA.

Anonymous said...

How does a rally say FU?
Say FU by rejecting the MCI charges.
Say FU by challenging the rent roll.
Say FU by challenging the NYU deal.
Say FU by reporting DOB violations.
Say FU by filing overcharge complaints on your apartments.
A rally does nothing to help residents. It is too little too late as usual.

Anonymous said...

I'll be there to show support against Fortress. One mention of Brookfield & I go.

Anonymous said...

Say FU by challenging the leasing practices too!

Anonymous said...

hmmmm rejecting how exactly? By not paying - and being evicted while simultaneously ruining our credit?

Now that's a plan.

Anonymous said...

Does the outside world know these whores raise rents after only one year to sometimes more than $500.00?

TAKE THE TWO YEAR LEASE AT MINIMUM.

Anonymous said...

Are you really going to buy your apartment with the constant turnover of NYU students and OTHERS here? Not knowing who your neighbors are from one day to the next? I'm not!!!!

Anonymous said...

How can anyone on the Tenant Association Board in good conscience ask residents to stand beside them and Dan and Brad. Is there no one on that Board of merit and good intention?

Anonymous said...

Anony 11.44 PM.

"Say FU by rejecting the MCI charges."

"Say FU by challenging the NYU deal."

As has been noted here by various posters, the only way to stop this is to change the NYS RS law and I am doing so by supporting PACs that will fight to gain a super Democratic Party majority in the NYS State Senate.

"Say FU by challenging the rent roll."

"Say FU by filing overcharge complaints on your apartments"

I have begun this process.

"Say FU by reporting DOB violations."

If, as per the tone of the comments on this blog, that the TA and Garodnick are corrupt, why would the DOB be any different? Boy, those individual DOB filings against the Management Office construction, they worked out fine, didn’t they? A waste of time.

On an individual basis, using internet sites such as Yelp and social media such as Twitter have been vastly underutilized. I am still going to the rally. It will get some media attention. BTW, I disagree with a lot of the vitriol against the TA and Garodnick that is posted here but at least the posters on the STR blog are following what is going on and have passion. So many long term tenants here are apathetic, clueless and not informed at all. Their heads are buried in the sand. Here is a classic line that illustrates my point from a PCVST FB (not the TA) page:

"I don't read the tenants FB page or the blog (he is referring to the STR) because I'm tired of reading complaints which I think are silly. What does it matter who owns the place?"




Anonymous said...

7:31 plenty of people have given ways to object to the MCI's. No one recommended as you say, refuse to pay and ruin one's credit rating. Check through the thread for ways that aren't dumb.

Anonymous said...

BREAKING NEWS
The Board of The Tenants' Association has announced that Jason Voorhees will be making an appearance at the TA rally on Friday the 13th!

Anonymous said...

The TA's rally is more an anti-Fortress, anti-CW rally - not a pro-Brookfield rally. And if being anti-Fortress/anti-CW isn't enough to make you want to get involved then there really IS no hope here for any of us.

Anonymous said...

10:20 don't be surprised when rally photos appear with Brookfield headlines in the weeks following the rally. We will be duped unless everyone gets to hold a sign saying
"no to predatory landlords Brookfield and Fortress CW"

Is that the signs we will be holding?

Anonymous said...

I'm interested 9:34 AM. But i don't have the time to go checking through threads. So can you just name one off the top of your head for me?

Anonymous said...

9:34 - What? English please.

Anonymous said...

There is no way to NOT PAY the Mci bill . Poster is a troll hoping you won't pay and be evicted. Not nice trolling on tenants.

Anonymous said...

Let me say...if the TA posts rally photos with captions that say or imply 'tenants turn out in support of Brookfield deal', that will be the final nail in the coffin for the TA...at least for me.

Anonymous said...

12:12 Maybe you are a TA troll trying to stop tenants from fighting the MCI charges which you agreed with CW Fortress you would make sure tenants don't oppose the MCI's with DHCR in your negotiations. Why did you agree to stop tenants from fighting the MCI charges as a term of your negotiation?

Yes tenants can fight the MCI charges.

No, I won't reveal the ways to do it because the TA troll will try to stop us.

Nice tries TA troll....no dice.

Anonymous said...

What's the deal? People here theorize all the time about everything under the sun. But my theory that a number of the anti-TA comments on this site come from one individual with a grudge and a lot of time doesn't get through. Why? Why the censorship on this?

Stuy Town Reporter said...

I don't let through a post for a number of reasons, sometimes even a word that may be particularly insulting. I don't know now what the case was with your comment.

Anonymous said...

The TA knows more than they are saying here in their What We Know section.

We know.

Anonymous said...

That is the beauty of retirement.

Signed
One of the so called anti-TA people who has a lot of time on his hands and is tired of their antics.

But I can't take credit for all the anti TA comments or for the material that the TA gives us to support being anti-TA.

Anonymous said...

12:44 PM -- What's with the "TA troll" bizness? Is this some kind of site for TA haters only now?

Stuy Town Reporter said...

I think I'm going to stop passing comments that claim that every non-supporting TA post is the result of one "troll." I know for a fact this isn't true. You just have to go to the other ST/PCV Facebook page:

https://www.facebook.com/groups/Stuyvesanttown/

... to see that there are quite a few voices raised in opposition to the TA or at least not impressed with the TA's results. I'm myself have concerns about how the TA is run and is handling tenant affairs.

Anonymous said...

The TA, for whatever reason, hasn't served the tenants well enough. Not saying it's their fault or not, but not serving us well.

There is no coop conversion and thy were dumb enough to fall for 'We'll consider selling to tenants' from CWC..... They handled Roberts badly and mid lease increases badly.

Anonymous said...

12:44 PM said:

Yes tenants can fight the MCI charges.

No, I won't reveal the ways to do it because the TA troll will try to stop us.

Nice tries TA troll....no dice.

You refer to *us*. i guess you claim to be part of some group. A group that does stuff in secret so the other side won't know what you're up to. isn't that exactly what the TA got trashed for on a STR post and in the comments just the other day? Oh, the irony.

Anonymous said...

At this point in the game you must pick a side. There are only two options, CW or the TA. Like it or not , as a collection of random naysayers posting on a blog does not constitute a side or a cause, you are with the TA or you are with CW.

Anonymous said...

9:13 You are delusional.
"Us" is my wife and I.
No irony. Just idiocy.

Anonymous said...

2:22 AM So it's just you and your wife. You still didn't answer the question.

Anonymous said...

"At this point in the game you must pick a side. There are only two options, CW or the TA. Like it or not , as a collection of random naysayers posting on a blog does not constitute a side or a cause, you are with the TA or you are with CW."

That is not even a remotely true statement, but if it were, where do I get my CW membership card? I'd support anyone but the TA.

Anonymous said...

Not smart to side with the devil but par for our neighbors here these days.

I'd also love to know (cough/ fake poster) how you did not end up paying the increases from m Ci charges.

You did not as this is a bold faced lie. you can't NOT Pay them.

Anonymous said...

10:37 Me too.

Anonymous said...

Not smart to side with the devil but par for our neighbors here these days.

Agreed. Yet almost 10% are in the TA.

Anonymous said...

"They handled Roberts badly and mid lease increases badly."

To clarify for the umpteenth time, the TA did not bring this lawsuit and had no say in it. The TA filed an amicus brief supporting the plaintiffs (as did Scott Stringer and others). The settlement is certainly flawed, but again, this was not in the control or influence of the TA. Anyone who has a complaint about the settlement should contact Alex Schmidt at Wolf Haldeman. He was the lawyer.

As for mid-lease increases (part of the settlement), the TA organized protests outside the leasing office to inform prospective tenants of what they were in for (I myself managed to discourage a few people). Guess who was out there? Mostly long-term tenants. Before pointing a finger, maybe you should make even a little effort to identify the right target. Or maybe you should get involved so that the burden of work isn't on the same few people all the time.

Anonymous said...

He - she not answering as there's no way you can ignore your new rent bill with your major cap improvement charges in them.

sure, don't pay them, heck don't pay your rent either - buh bye.

Stuy Town Reporter said...

The TA did not bring the lawsuit, but they were joined at the hip with Garodnick in other ways regarding Roberts, to include Town Hall meetings discussing Roberts and the settlement.