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Saturday, July 19, 2014

Gerald Guterman to the Tenants of ST/PCV

Gerald Guterman made the following comment today on the blog in response to a query about what can be done to help the tenants of this community. I'm placing this response here also, front and center on the blog. If you wish to comment on this, please make your comment pertinent to the matter at hand. And no personal attacks, please, if you disagree. Thanks.

To the residents at STPCV:

It is painfully obvious, that the only way to achieve any sort of economic stability for the community or its residents, is to use the enormous, insurmountable, economic and political power of the 11,232 families currently living in the community. There is no private owner, mortgage lender or manager in New York, that can withstand the full force of a monetary, legal and political attack by the organized and combined economic might of the STPCV community.

I have stated before, that the changes necessary to bring about stability in the community as well as economic protection for it residents, will only happen when you, the residents, properly organize yourselves into one laser focused force and use that force, with very experienced legal representation who has a long history of landlord tenant success.

Additionally, there are several other large communities in New York, that are undergoing similar, if not identical problems with the same management company.

I would suggest that combining the power of these very large residential communities into a single negotiating force, will help to draw and maintain the attention of these insufferable, egotistical and know-it-all managers, who believe that enjoying a reasonable "quality of life", is restricted only to them and their families. These same managers, believe that their only responsible to STPCV, its residents and the resident's quality of life, is when a court rules that it is their responsible.

I have written before, that with strong enough economic force and laser focused litigation, this community can be stabilized and the quality of life made better for all of the residents.

The following matters must be concluded:

• The Roberts litigation must be re-settled,
• Prior MCI increases must be re-settled, with further increases moderated,
• conversion of STPCV apartments to dormitory housing must be immediately stopped and reversed,
• The Oval must be restored,
• all open spaces in the communities must be kept permanently open, without construction of any type or manner.
• Stuyvesant Town and Peter Cooper village must be combined into one distinct community,
• the STPCV community must be converted to "ownership" housing, with the purchase price to tenants in occupancy, not more than 60% of the market price for the same or similar apartments,
• Financing for all tenants in possession who purchase, loans must be pre-approved for 85% to 95% of the purchase price,
• All tenants who purchase their apartments, must be free to resell those apartments at the market price, beginning the earlier of one year after the sponsor has sold all the apartments or forty-eight months from the date of conversion,
• A capital reserve fund in the amount of: the lesser of 1% of the gross sales price of the residential units or $50million must be established for the community's use after conversion,
• A pre-arranged contract to sell the "un-sold" apartments to a non-profit organization with an agreement that specifies that said apartments will remain as rent stabilized, rental apartments for approximately twenty years must be accomplished.

Gerald Guterman

97 comments:

Anonymous said...

Gerald: We organize and who benefits? LOL those who don't need stabilization. Those who have it. that's who.

How is those going to help me RETAIN residence here at an affordable rate? I'm paying market rate, have two kids and have to move our entire family due to outrageous rents that continue to climb.

Anonymous said...

Good luck.


Not gonna happen.


Sadly. T

Anonymous said...

Dear Compass Rock;

WHEN ARE YOU GOING TO POST SIGNS IN the buildings reminding all your shitty ass tenants to remove their shoes and stop throwing themselves and their kids (I kid you not) onto floors. Basketball, tennis, jogging really Not ok in your apartment or hallways. Your tenants have no regard for those they live above or next to. And you dear LL don't give a shit about it either.

Anonymous said...

The ladies led Roberts. Maybe the guys could take the lead on this one.

Anonymous said...

"The Roberts litigation must be re-settled."

In what universe is that even remotely possible?

Anonymous said...

“11,232 families”. Sorry Mr. Guterman, you lost me on this line. 11,232 apartments. Yes. “11,232 families”? Are 3, 4, 5 Bro/OMG roommate situations now classified as “families”? I would say that conservatively, at least 30% of PCVST is now “dorm”. If you can’t get this fact correct, why are we even talking? BTW, the natives are restless tonight. The Woo Hooing has already begun. It's now 10.06 PM.

Anonymous said...

How about the TA do something about the shady leases they write up and expect people to understand the 14 different numbers they post as rent.

How about the TA doe something about the overcharges on all 'renovated' (my ass) apartments. Thanks TA for nada.

Anonymous said...

I'm not a lawyer and don't have vast experience in real estate. But at first blush and from I could see, the Guterman plan was quite good for tenants. So for MRs, if you can afford your current rents, under the GW plan, you would probably be able to buy & there would be your stability. The possibilities of organizing the tenants is slim to none. Maybe we should take a page out of Jane Jacobs' victory over Robert Moses. The TA should be the means for organizing us but because of the very political, very misleading, manipulative way the TA tried to put over its Brookfield deal, it's lost my support and probably the trust of many others.,

Anonymous said...

With our current rent escalating hundreds of dollars each renewal and high to begin with, we can't stay. Very upsetting as my kids love it here, love the schools, the playgrounds, their friends. Nothing is ever done for the market rate tenants to remain here and stabilized. Aparently this is a community only for those with old cheap leases and students from universities.

Anonymous said...

Fyi : according to the Stuy site, there are no One Bedrooms available t rent in ST. Only a few in PCV.

Anonymous said...

The greatest affliction on US citizens is the massive fraudulent assault by bankers/real estate/hedge funds on middle class people - the marrieds, the families, the singles; in past/current mortgage frauds and upcoming massive rental-block assets hoarded and gambled.
I keep reading about residents and families uprooting their lives having to move out of PCVST instead of making it their home as it has been for my past generations and I would have hoped my future generations as is the definition of a community.
Politicians are too far out of touch with incomes and the living arrangement status of people and their needs. 103 million 18+ are single. Starting a family is cost prohibitive for the middle class. Whether New York City protects the middle class - affordability for ALL residents of PCVST fixing the broken middle class community here - or sacrifices the overcharged Market or favors any NYU dorms will be watched and scrutinized beyond those here in PCVST - across the City and across the country. How Mayor de Blasio handles once not long ago middle class PCVST will follow him for the rest of his career.
He should be as bold in his actions while in office as he is in his words while campaigning. A quiet meeting over cannolis in the home with minimal press whispers is a very small action.

This is de Blasio's time to make a statement with words and actions on ending the assault on the middle class unless de Blasio is planning on retiring after this term. Think big and innovative Mr de Blasio. Bigger. Much bigger. Make the right move and protect the entire of PCVST. If it can be destroyed illegally but can't be fixed legally - change the system NOW. It will take growing a pair to take this problem / solution to the national level beyond Albany. Do it.

Anonymous said...

I like what I hear from Guterman. I can't say whether I like Brookfield because I hear nothing. Shouldn't the Tenant Association be acting as Tenant Leaders, asking all bidders to want to do a tenant led bid to submit proposals, post those on line so all tenants can review all options and make a sound decision. Isn't that how one usually buys a home - review all options?
With this TA the fix is in with them representing Brookfield to the Tenants instead of representing the Tenants in a Tenant led bid - and I find that suspicious.
Why can't we see all the Tenant led options and collectively decide which tenants want?

Anonymous said...

whoopsie - again we forgot to include the links with our comment. this goes with the comment encouraging de Blasio to think and act BIG on our behalf.

http://www.census.gov/newsroom/releases/archives/facts_for_features_special_editions/cb13-ff21.html

http://www.census.gov/hhes/families/

http://www.census.gov/hhes/www/income/

Anonymous said...

Saw post on FB that sleazy ST now charging new tenants overinflated rents plus a/c. $56 per month. x 12.

such a deal!

Anonymous said...

To the guy who said

"The Roberts litigation must be re-settled."

In what universe is that even remotely possible?

July 19, 2014 at 7:00 PM

That is the difference between CW / Brookfield and the Residents.

CW Brookfield get what they want because they figure out a way to make it happen instead of negative doubtful defeatism. Unless you are a CW or Brookfield guy trying to dissuade us. Is that it - are you one of those spreading defeatism?

http://en.wikipedia.org/wiki/Defeatism

Defeatism is the acceptance of defeat without struggle, often with negative connotations. It can be linked to pessimism in psychology.[1]

The term is commonly used in politics, and especially in the context of war to denote treason: a soldier can be a defeatist if he or she refuses to fight because he or she thinks that the fight will be lost for sure or that it is not worth fighting for some other reason. Again in connection with war, the term is used to refer to the view that defeat would be better than victory. The term can also be used in other fields, like politics, sport, psychology and philosophy."

Tommyboyardee said...

Recent MR's have you done any research into the current management or the lack of regards towards tenants prior to your signing of a lease? I wish the blueprint plan proposed can be enacted, however when MR tenants use the excuse,"we should be able to do what we want because of the high rents we pay" you lose our support.
Remember you bought/rent your apartment from a sales person, they told you what you wanted to hear.
I overheard 3 potential non-related tenants ask the rental agent about closer to the Oval, they were told that was a more expensive area!
Finally, I am aware of what apartments that are available elsewhere in NYC, I wish you luck.

Anonymous said...

In de Blasio's vacation absence, Tony Shorris is in charge of the nation's largest city government, NYC. Anthony is also known as NYU Langone Medical Center Senior Vice President, Vice Dean and Chief of Staff and is a long time friend of the de Blasios.

NYU will probably never be held accountable for their egregious acts against this community by the City administration certainly not during the next two weeks with Shorris in charge, unless the corruption doesn't run deep and high as it seems.

Seems only residents can hold NYU accountable for the dorm scheme in PCVST.

Anonymous said...

Anthony Shorris, Man in Charge of NYC, had the courage to call out the "horrific" scandals at his former employer MTA
http://www.crainsnewyork.com/article/20140310/BLOGS04/140319991/shorris-slams-horrific-port-authority-scandals

Will he have the same courage to call out the already real estate scandal plagued NYU on its PCVST scheme?

Anonymous said...

Shorris? Same guy from MTA?

http://www.crainsnewyork.com/article/20140310/BLOGS04/140319991/shorris-slams-horrific-port-authority-scandals

Anonymous said...

@ Gerald Guterman:

Can you explain what you mean when you say that the Roberts litigation must be re-settled? What would be involved? Wasn't the settlement approved by the court? Is there really a mechanism for re-settling the case at this point? I'm just really not sure what "re-settle" in this context even means.

Just to be clear, I am very unhappy with that settlement. But it's my understanding that the time has passed for any remedy. If I am wrong, I would like to hear it!

Anonymous said...

http://www.pcvstliving.com/no-fee-apartments-nyc/apartments-near-nyu

Oval commercialization was always for NYU. Thanks Dan.

Among PCVST's amenities, the Oval Cafe and the Oval Study are popular with our many student tenants. The Oval Cafe offers a tasty menu, comfortable seating, and free WiFi. The Oval Study is a quiet retreat far away from the city bustle, perfect for students to work in a comfortable and relaxing environment. The study also offers free WiFi and numerous business resources, including internet kiosks, a private conference room, and hundreds of books, magazines, and newspapers to borrow!"

Seriously how can we keep the families and lose the dorms?

Tommyboyardee said...

Can a apartment currently rented be considered luxury if you choose no AC? Is this an option?

Anonymous said...

Cuomo is making secret real estate deals with Fortress Hedge Fund in NYC without due process and community knowledge

http://thevillager.com/2014/05/22/cuomo-pushes-deal-for-pier-40-air-rights-sale-without-ulurp/

A local lawyer, Arthur Schwartz, stopped him!

http://www.batterypark.tv/state-government/cuomo-deal-to-sell-pier-40-air-rights-stopped-by-local-lawyer.html


Anonymous said...

July 19, 2014 at 4:36 PM

There are never going to be "affordable rents" for ST-PCV people in high rent renovated apts. The DHCR is not gonna roll back rents for you guys unless a freaking miracle happens in the NY state legislature. So unless someone is hiding a brilliant idea under the couch, the only solution to your problem lies in ownership. THAT's what we need to organize around.

Anonymous said...

July 19, 2014 at 7:00 PM Likewise with this one: Prior MCI increases must be re-settled, with further increases moderated. With what $$ for attorney's fees? And he thinks CWCrapital will agree to a re-opening of this let alone the DHCR?

Anonymous said...

How about the TA do something about the shady leases they write up and expect people to understand the 14 different numbers they post as rent.

How about the TA doe something about the overcharges on all 'renovated' (my ass) apartments. Thanks TA for nada.

And how about you getting a clue about how things work? All those different numbers they post as rent are via the state agency, DHCR.

You have no idea whether or not you've been overcharged on renovations. The fraud division of the DHCR would have to do audits to determine that. I am not going to go into again how that process works. I've done it already at least 10 times on this blog.

Anonymous said...

Is there any reason why these ghouls might be warehousing apts in the Sty? If one goes to the website one will find that there are none available, which we all know is total bullshit.

Stuy Town Reporter said...

>>Can a apartment currently rented be considered luxury if you choose no AC? Is this an option?<<

You mean a renovated apartment? If you do, you get AC whether you want it or not, as far as I know.

Anonymous said...

Are they warehousing again? Holy shit, again?

Go to the site, there are no stuytown listings.

Anonymous said...

At last, a clear, comprehensive and thoughtful direction for ST/PCV tenants to consider. The current ‘official’ options that appear to be under consideration are NOT in our community's best interests - but, there is a light and it is what Gerry Guterman has outlined in his blog – what I think of as a “roadmap”..

Yes, he is a developer and, yes, he is interested in being part of bringing changes to this wonderful community. However, he is a fellow New Yorker thru and thru and comes from a working class background like most of us at ST/PCV. Gerry has never forgotten where he came from and is committed to ensuring stability to this community. How do I know this? We went to high school together, to this day we maintain regular communications and his professional successes speak for themselves.

Gerry's civic and charitable generosity (especially to NYC public institutions), while quietly substantial, is proof positive that he has always been there to lend a hand to individuals and institutions in distress.

I realize many of our neighbors might be suspicious of the motivations of any developer especially given how things have gotten so out of hand here. However, I can tell you, that this is a good man (family and business and friend) who has terrific loyalty, honors his commitments and has spent his life making a good name and he is not going to do anything to dishonor it.

To the best of my knowledge, up to this point, no one has offered a viable, acceptable set of change options to our community (and, the reality is that this community IS going to change). The changes must result in positive impacts for ST/PCV to ensure it remains a highly desirable and affordable place to live. These options are inherent in the Guterman "roadmap".

The ST/PCV community being silent or complaining or being angry are all losing strategies. The "roadmap" Gerry outlined is constructively, professionally and intelligently proactive.

With all of the talented people living here, we should be able to pull together a committee of reasonable people with requisite skills who will approach this as an opportunity and to do so unemotionally and in a businesslike manner.

KC

Anonymous said...

All the things Mr Guterman lists are do-able. We need to ignore the defeatism attitude and just go for it. Wasn't there a guy saying he could get 100 MR together or 1000 MR together to form a new TA. Where is that guy? Get it together and let's do as Mr Guterman lays out.

Tommyboyardee said...

How about any apartment? Regarding the AC, the first-ins pay the least, then the 2nd wave is slightly higher. Is it possible to obtain a AC less apartment in this complex?

Anonymous said...

5:01 maybe some are held empty during the summer months until the Fall semester brings more students and as vacancy of real tenants occur those apartments are added to the NYU stock pile increasing the number of ikea-ized dorms for even more students.
We need an honest audit of this place. The DOB records of 3500 dorms is probably just the ones the DOB and CW recorded in their permits. There easily, obviously are at least 4000 dorms.

To add to Gerald Guterman's list - we also need new, transparent and honest Tenant Representation at the negotiating table on all the things he lists.

Stuy Town Reporter said...

>>Is it possible to obtain a AC less apartment in this complex?<<

Not if you are moving in now. The only AC-less apartments are in old RS apartments IF the renter decided not to go AC.

Stuy Town Reporter said...

>>The ST/PCV community being silent or complaining or being angry are all losing strategies.<<

The biggest problem is that by now we are all fragmented as a "community."

Anonymous said...

With respect to what Mr Guterman suggests or with respect to any action, what is step 1 and what are the forces against step 1?

I think there has to be a meeting to devise a tactical plan. If this is true, someone has to take the lead in setting up the meeting. So here are the forces against:

1. Most people don't have the time or inclination to take this kind of lead.

2. For those who do have the interest, there is the fear of tepid response along with fear of reprisal.

Tepid response at first is almost a given. Without support, there is the fear of reprisal. From whom? CW? Garaodnick? The TA? From the developer that eventually wins?

3. The above fears would also apply to any group that tries to form.

Anonymous said...

July 20, 2014 at 8:48 PM

The first two of "Gerry's" items do not seem so viable to me.

And number 9 is the reason why his plan was rejected.

Anonymous said...

another problem is our numbers have dwindled by the thousands with the student population surpassing the permanent MR.

Anonymous said...

Another theory. Perhaps apartment listings are no longer advertised because the rents showed increases that were obviously too high.

Hippo said...

Let us not forget that Gerald Guterman may not be the white knight he purports to be. He is a businessman. He obviously wants to make money through this deal. Altruism is not his middle name. He stands to make a fortune. I surely do not begrudge him this desire but let's maintain some dispassionate rationality in evaluating all these saviors be they the TA, Brookfield, Guterman or the true heroes, Danny Boy Garodnick, Billionaire Bloomberg, so-called friend of the workingman Bill di Blasio, and, of course, our local pols who "blah, blah, blah". They all have a horse in this race. I don't trust any of them. I wouldn't call them all whores because that what be a pejorative towards the world's oldest profession.
Keep smilin' and above all maintain your sense of humor!

Anonymous said...

StreetEasy currently shows 21 apartments for rent in PCVST.

http://streeteasy.com/for-rent/stuyvesant-town

Anonymous said...

Miraculously a few ST shows up. Not many and we know there are thousands empty. hmmmmmmmm

Another thought - df down the hall renewal is much more than the prices of on line listings. Apparently some tenants a bit miffed at being charged more than a brand new tenant for same thing.

Anonymous said...

How about the "mutual housing" model a la Penn South (Chelsea) where a 1BR is under $70K?

Stuy Town Reporter said...

Some posts are starting to get a bit too carried away with personal insults directed at various individuals. Let's keep it calm and steady.

Anonymous said...

Hippo...most of us have been around the block a few times. We know enough to watch out. I'm just looking at what people say, evaluating plans, and seeing whether or not we're being told the truth. I don't believe the TA told the truth. While the Guterman plan looks good, I have 5 or 6 questions. But I seriously doubt if there is a better plan for tenants (questions not withstanding). Problem is...with numbers like 4.7B being throw around, I doubt any plan good for tenants would be high bidder.

Anonymous said...

I wish to state very calmly and professionally that Gerry Gutterman is several DECADES out of active real estate investment. His information is just way, way out of date and out of touch. There is ZERO legal basis to "re-settle" the Roberts litigation. Some of his other ideas have merit.

Anonymous said...

I think it sounds like a good plan. Best one I've heard so far.

Anonymous said...

This Guterman outline has all the points the community needs.

Can we see the Brookfield plan points and what is NYU's take in it since it must be a component? Who brokered the NYU deal, Brookfield? CW? Blackstone?

We need more information. So far Guterman is the best plan we've seen for everyone here.

http://www.scps.nyu.edu/academics/departments/schack/about/advisory-board.html

Anonymous said...

When you live here, pay rent on time, act like a good tenant you get ==== a huge increase at renewal time. Not the 1%, not a 5%, more like 9%!

That's why they do not post the rents on the website, They're LOWER THAN MOST OF US PAY!

Anonymous said...

To the poster (or posters, can't tell if it's more than one person) who keeps saying that there are no apartments for rent listed on the Stuy Town website -- where are you looking??

I just went to the website, click on the big "Find an Apartment - Search" button, and got a list of ten apartments, with addresses and rent amounts.

Anonymous said...

Thanks to all the good people of ST complaining about racial profiling and etc, now even TENANTS cannot enter thru the gate on east 23rd into pcv.

Bravo asswipe landlord. You're such a douche.

Anonymous said...

The poster here thinks there are only 10 apartments to rent here?


lmao lmao
lmao

Anonymous said...

I don't understand how my new lease got to my new rent. I've called pcvst to inquire and no one calls me back.

any advice? i'm livid.

Anonymous said...


This is one way how, a good council person who truly represents his constituents, opposes construction

http://www.markdlevine.com/jhl_petition

Anonymous said...

NYU is neither an owner of nor a lender to PCVST. Why do some posters continually refer to them? It is SO CRAZY. They rent some apartments.....big freaking deal. They have no say here whatsoever.

Anonymous said...

7:07 Have you followed comments on this blog? Seems clear from the security mci's and changes to abide by State Law campus mandates, MCI's and plumbing upgrades for increased building populations, early on students paying rent directly to NYU then CW changing the financial flow of money to have it go through PCVST first, Commercial enterprises replacing open space with Oval amenities designed for students, Park Trees ripped out for wifi in the Oval, pre-furnished dorms lying in wait for the next semester, etc etc that NYU most certainly has a lot of say here. More than residents have say.

Tommyboyardee said...

If you don't think NYU students living here isn't a cozy deal between CW & NYU, you are delusional. CW gets the transient renter with no intention of staying long term, multiple turn overs! The by product is annoying long term tenants with over crowding, long parties, etc.
NYU purports that only graduate students are housed here, however CW management not only prefers renting to students, they encourage it. So Blame NYU!, check their student housing options

Anonymous said...

6:55 We should have done that for our Oval, First Avenue Loop, and all the Open construction.

It is up to us residents to do this because as we have seen the tenant Association did not and will not and worse our councilman played attorney for CW by giving Tenants the statement "legally they can do it" instead of representing our concerns as Mark Levine is doing for his constituents in their opposition of a bad construction plan; and we have double or triple the list of reasons not to excavate and construct buildings (aka amenities and cellar extensions).

Anonymous said...

7:07 your landlord is on NYU Board and they have PCVST business arrangement to alter the landscape and dorm house students.

Why would you make an untrue statement that NYU has "no say here whatsoever" and how could you possibly know that?

Anonymous said...

"One of the first roadblocks Ms. Perry and her investigators encountered came when they sought to subpoena the Real Estate Board of New York, a powerful trade group whose members have been among Mr. Cuomo’s most generous supporters.
Continue reading the main story

According to a subpoena that had been prepared, investigators wanted to examine the real estate board’s political donations, its materials related to a valuable tax break for new housing, and its communications with public officials, including phone calls with lawmakers.

Ms. Calcaterra repeatedly pressed Ms. Perry not to serve the subpoena, emails show. Yet the commission backed Ms. Perry, and on Aug. 19, she wrote to the co-chairs that she would be sharing a subpoena with them “shortly.”

Whereupon Mr. Cuomo’s office stepped in to shut it down.

Mr. Schwartz, the secretary to the governor, telephoned one of the commission’s three leaders in a fury, according to four people briefed on the call. There would be no subpoena to the real estate board, he said."

http://www.nytimes.com/2014/07/23/nyregion/governor-andrew-cuomo-and-the-short-life-of-the-moreland-commission.html?smid=tw-share&_r=0

Anonymous said...

Nothing good happens in PCVST until the current board of directors of the TA steps down. Nothing!

Anonymous said...

Tommyboyardee-

What there is is a leasing office that prefers to rent to students for the reason you gave - for the turnover. And you have a university eager to capitalize on that. No deal is necessary for that arrangement of convenience.

Anonymous said...

NYTimes article posted is a must Read

Steve Spinola REBNY admitted they own the politicians and the Moreland Commission knows which

"Ms. Perry was adamant that the preliminary report cover what investigators had learned about the powerful Real Estate Board of New York and its political donations.

Documents unearthed by investigators included an unusually direct memorandum sent by Steven Spinola, the organization’s president, asking members to donate to Assembly Democrats.

“I can tell you that in private meetings with the speaker, the Senate majority leader and the governor, our past efforts to maintain a personal and supportive relationship was critical in shaping the outcome” of legislation, Mr. Spinola wrote, according to an email from Ms. Perry to the co-chairs that quoted the memo.

“Our future ability to adopt favorable legislation, stop terrible legislation or modify legislation to limit the pain to our industry is directly tied to our continued positive relationship,” Mr. Spinola added.

In her email, Ms. Perry described Mr. Spinola’s memo as “explicitly stating the obvious point that a ‘supportive relationship’ (i.e., the contribution of money) yields legislative ‘outcome.’ ”

“This is exactly a key point of our report and, I think, should be included,” she said.

Ms. Perry also wanted the report to highlight her team’s discovery of email correspondence from a major New York City builder, Extell Development, about a coming fund-raiser for Mr. Cuomo tied to his birthday. The email discussed what amounted to a perfectly legal sidestepping of campaign-donation limits: funneling money through a series of limited-liability companies.

“As you know,” Ms. Perry wrote, “I strongly believe we should include whichever docs we think will add the most value in the report and include them without fear or favor, as they say.”

The report did recommend closing the limited-liability company loophole. But it omitted any mention of the real estate board, the governor’s birthday party or Extell."

Anonymous said...

@2:42 Nothing happens until people stop blaming the only resource doing anything positive here and get off their butts and contribute something other than hot air.

Anonymous said...

Cuomo is corrupt and should be peaceful.

Anonymous said...

Y doesn't management offer renewals at a reduced rate if rates 2/3 of OR MORE on THE WEBSITE are lower?

No one talks about the thief here.

Anonymous said...

4:11 So the problem in Albany isn't the republicans.
It's Dems REBNY paid off.
REBNY runs ALBANY.

Anonymous said...

@Gerald Guterman

You say here that "the purchase price to tenants in occupancy [will be] not more than 60% of the market price for the same or similar apartments."

In contrast, in your December 2011 letter to tenants you said that the "average existing tenant purchase price will be approximately $315.00 per square foot," and that the average price of condos and co-ops in the immediate area surrounding ST/PCV at the time was in excess of $700 a square foot. So if I am reading that correctly and doing the math right, in 2011 you were positing that tenants would pay about 45% of the market price of similar apartments.

Why the increase, from 45% in 2011 to 60% now, in the existing tenant purchase price of an ST/PCV apartment as compared to comparable apartments?

More importantly, do you think that a price that is 60% of comparable apartments would be affordable to very many ST/PCV residents? I note that in your December 2011 letter you said: "The total amount that the average existing tenant will pay monthly . . . [will] be equal to or less than the average rent currently being paid by tenants." Can you still make that representation?

Anonymous said...

Fyi, you can view the 2011 Guterman letter here: STR blog entry, 12/9/11.

Anonymous said...

Dems in Albany - nice bunch there. Good luck going forward with that group of HONEST politicians. L M A O.

Gerald Guterman said...

Gerald Guterman said....To the writer who pointed out my earlier comment, which stated that the "inside" purchase price would be about 45% of the market price and my latest comment, which stated that the inside purchase price should be no more than 60% of current market price.

You are absolutely correct! When I made my original comment, I was assuming that my company as the principal/sponsor, would be doing the conversion. I freely acknowledge, that my latest comment reflected my current feelings, that I would not be the principal/sponsor. My latest comments were made assuming a "third party" principal/sponsor was making the offer to the tenants in possession. To be absolutely candid, I was just covering my back when I used the "not more than 60%" of market value

That said, please remember that everything is a negotiation. It usually depends on the number of represented tenants willing to purchase, the percentage of financing being offered by the principal/sponsor, a guarantee of financing (by the principal/sponsor) for each purchasing tenant, the carrying costs and as importantly....the expertise and experience of the individual/company, representing the purchasing tenants.

Gerald Guterman

Anonymous said...

Apparently Guterman's comments are meant only as advice, and do not reflect any current interest on his part to be involved in a purchase of STPCV, at least according to today's issue of Town & Village:

"Gerald Guterman, the landlord and developer who's previously expressed an interest in bidding on Stuyvesant Town and converting the place to a co-op, said this week that he is no longer interested in buying although he would like to participate as a consultant in a tenant-led effort to do so."

Anonymous said...

I meant to say: Cuomo is corrupt and should be IMPEACHED! Not "peaceful!" Damned iPhone!

Anonymous said...

July 24, 2014 at 8:20 AM

REBNY has spread the money around, but they've bought and paid for the GOP in the state senate. It's probably a good guess that they also own so-called Independent Dem Jeff Klein. Tenants groups across the city urged Oliver Koppell to primary him and is supporting Koppel in that effort. If you can afford to, think about sending Koppell some $$$.

Cuomo is another story altogether. I am not voting for governor this year.

Anonymous said...

Guterman hasn't specified how he's going to be making money on this and how much.

Anonymous said...

To 6:30. I don't know that any sponsor has an obligation to detail how it would make money but the original Guterman plan was clear on one point. The sponsor would retain ownership of all the commercial space. Figuring a 5% vacancy rate (562) sold at market rate (about 700K) comes to over 390MM. How to make money here isn't the issue. There is a ton of money to be made. That's why developers are chomping at the bit. For a relatively small company like Guterman's, hundreds of millions in profit would feel like a windfall. But companies like Fortress & Brookfield are looking to take billions out of STPVC. And not just 1 or 2 billion. A better question would be to ask these companies how they intend to make money...not that they would even remotely entertain letting the public know.





Anonymous said...

>>Guterman hasn't specified how he's going to be making money on this and how much.<<

For what it's worth, yesterday's Town & Village article had this to say:

"As for his suggestion of working with a 'laser focused' tenant group on a conversion and other issues in ST/PCV, Guterman said he would do it for 'a small retainer' so he can be legally involved."

Anonymous said...

Given the differences between Guterman and TA, if his services were retained, what organization would do that? Either the TA Board would have to be replaced or a competing organization would have to rise up. I would be happy to join a competing organization. There is just too much apathy for a new,/better board to be elected to the TA. Those who usually support the TA would turn out and the usua facess would be elected.

Anonymous said...

Saw Guterman's statement in T&V. So he's doing this pretty much for the fun of it? Because it's a great big juicy deal and he wants to be in the thick of it? I've got a bridge I can sell him.

Anonymous said...

I vote for a new or additional TA. And yes, after being put through hell for past 7 years, I'd buy my place. Beg, borrow, steal it.

Anonymous said...

I'd guess that Mr Guterman has 3 motivations for his offer. First, I think he feels he came up with a good deal for tenants that should gained TA endorsement. So a little payback there. Second, CW/Fortress is a competitor with an unfair advantage. So any damage to them is a plus for all smaller bidders. Last and least, if his advice is successful, it might help level the playing field giving smaller companies like his a shot at winning the bid. I say 'least' because the numbers being thrown around now are so larger, it's looking more and more as if only really large players will have a shot at winning.

Gerald Guterman said...

Guterman said....

To the gentleman who wishes to sell me the bridge....Can I finance it?

Further,

After forty-four years in real estate and thirty-six years in New York, the members of my partnership have voted to retire.

This leaves me alone, but I still want to play! I love the excitement of having a deal come together successfully.

I have had a number of offers with embarrassing compensation and I may take one. However, I would also like to complete the list I provided to the tenant shareholders in ST/PCV.

I would enjoy the personal satisfaction of creating an economically viable community, while at the same time giving tenants in possession, an unanticipated but very significant, financial benefit.

Gerald Guterman

Anonymous said...

@ Gerald Guterman

But you're not interested in buying any more, right? So who would the buyer be?

Gerald Guterman said...

Gerald Guterman said....

To Anonymous who said "I'd guess that Mr Guterman has 3 motivations for his offer".

May I invite Anonymous and any other interested reader, to go onto the Guterman Partners' website;www.gutermanpartners.com, to get a better picture of our capabilities, what we do and how we do it.

I am available to discuss ST/PCV, its future and its potential, as an operating, ownership housing community.

Gerald Guterman

Gerald Guterman said...


Guterman Said.....ST/PCV Tenants. Don't lose confidence. Stay Focused, Stay Determined, Stay Organized. This is your day!

@ Gerald Guterman
Anonymous said...."I'd guess that Mr. Guterman has 3 motivations for his offer. First, I think he feels he came up with a good deal for tenants that should gained TA endorsement. So a little payback there. Second, CW/Fortress is a competitor with an unfair advantage. So any damage to them is a plus for all smaller bidders. Last and least, if his advice is successful, it might help level the playing field giving smaller companies like his a shot at winning the bid. I say 'least' because the numbers being thrown around now are so larger, it's looking more and more as if only really large players will have a shot at winning".
__________________________________

ST/PCV tenants...Don't lose confidence. Stay Focused, Stay Determined, Stay Organized.

You, as tenants in possession, have massive economic and political power that current "would be" owner/converters can't even begin to understand or how to deal with this power.

Tenants in possession, as one single, organized and focused mega force, can effectively and successfully (with competent third party advice) compete economically, with any investment fund or "would be" landlord, for the purchase and conversion of ST/PCV.

Please understand, that when you are organized and focused, you, the organized and focused Tenants in Possession, are the ONLY ENTITY with ultimate control over a successful conversion to ownership housing.

No other fund, trust, or real estate company of any type or nature, can create a successful conversion at ST/PCV, unless and until you, the ST/PCV tenants in possession agree. The terms that you insist on, including the items I previously discussed with you, are all "on the table" for discussion, with necessary modifications if the landlord wants to convert ST/PCV to ownership housing.

If the landlord does not want to convert, you still have the ultimate power to insist on the necessary operating and occupancy changes we previously discussed.

Gerald Guterman

Meredith Boylan said...

@ Gerald Guterman:

Can you please explain, in simple and concrete terms, how to get thousands of tenants to become a "single, organized and focused mega force"? Are you talking about the Tenants Association? If not, what the heck are you talking about?

Anonymous said...

"the personal satisfaction of creating an economically viable community"

that would be a legacy! A legacy unheard of, unrivaled, and an achievement of a life well lived.

I hope you mean it and you do it here at this once amazing, peaceful, Tree-Filled Park Middle Class Residence like no other in NYC or anywhere in the world. An invaluable asset-gem NYC failed to recognize and protect.

Anonymous said...

Mr Guterman...I've commented here many times, hopeful that that posts would lead to action. But as commented before, someone on our side has to take the lead to organize things, and for several reasons it doesn't look as if that's happening. I don't credit myself in the least. I'm not stepping forward either.

Anonymous said...

Why don't we do as the landlord does and find a way to organize under an organization pseudonym (the landlords use llc's) so no one has to put their neck on the chopping block where many are taking swings (including some pretending to be allies)?

A pseudonym is a name that a person or group assumes for a particular purpose, which differs from his or her original or true name (orthonym)

Anonymous said...

There's just no keeping an eye on the prize. Clearly, the posts about conversion draw the most interest but one post later and were on to dogs or bikinis or concerts. Students are relevant because without them. the CW magic churn formula doesn't work.

Anonymous said...

Students DO NOT belong here.

Anonymous said...

1:51 I can't stand students here either but anyone and everyone belongs here. Sorry dude.

Anonymous said...

"Meredith Boylan said...

@ Gerald Guterman:

Can you please explain, in simple and concrete terms, how to get thousands of tenants to become a "single, organized and focused mega force"? Are you talking about the Tenants Association? If not, what the heck are you talking about?

July 27, 2014 at 2:14 PM"


Mr. Guterman - The silence from you on Meredith Boylan's question to you is deafening. We're all waiting for your reply.

Anonymous said...

1:51 Whether we like the students or not you'd be better off with another angle. Just like our landlord does it.

Anonymous said...

"Guterman said....

To the gentleman who wishes to sell me the bridge....Can I finance it?"

Mr. Guterman, that was no gentleman. It was a woman. And she'll be happy to take your money for two bridges.

Gerald Guterman said...

Anonymous said....

Meredith Boylan said....

Can you please explain, in simple and concrete terms, how to get thousands of tenants to become a "single, organized and focused mega force"? Are you talking about the Tenants Association? If not, what the heck are you talking about?

July 27, 2014 at 2:14 PM"

Mr. Guterman - The silence from you on Meredith Boylan's question to you is deafening. We're all waiting for your reply.

July 31, 2014 at 4:16 PM

To Anonymous and all other interested ST/PCV Tenants...

I sent in a full answer to Ms. Boylan's question on July 30, 2014.

Please be patient. STR has other subjects to cover, as well as a professional and private life.

Gerald Guterman

Anonymous said...

4:16 Pushiness for information on organizing is somewhat suspect. Please keep in mind there are trolls on this blog trying to find out how residents are organizing so they can stop it. They are trying to control the messages, the residents organizing, the information flow for their business schemes. If you are not one of the trolls, suggest you maintain independent individual actions until we can come out in force.
Accusing those trying to help us of deafening silence is far from the truth and only looks like passive aggressive desperation for information on those helping tenants. There has been a lot of passive aggressiveness used by the trolls. If you are not a troll, Be patient.