PLEASE NOTE: Due to this breaking news and its importance to our community, I expect a substantial amount of comments coming to this blog. I'm will try to monitor the comment section expeditiously, but I am at work for most of the day, so bear that in mind if your comment does not appear as swiftly as you may like.
Major news. According to Charles V. Bagli, NYTimes' real estate writer (and author of an eye-opening book on ST/PCV), the sale of Stuyvesant Town and Peter Cooper Village to Blackstone will happen this Tuesday. Of particular note:
"The agreement will preserve nearly half the 11,232-unit complex for middle-class families."
"The Blackstone deal includes a remarkable regulatory agreement with the administration of Mayor Bill de Blasio that would ensure that a block of 5,000 apartments would be affordable for the next 20 years for families of teachers, construction workers, firefighters and others who traditionally made their homes at Stuyvesant Town."
While this is potentially good news, I do feel we shouldn't be celebrating yet. One wonders, for instance, just how this agreement will deal with the pattern of apartments going out of "affordable housing" when old time residents move or die out, and how the agreement will deal with the dramatic progressive upswing of student housing in this community. I also am somewhat suspicious of the term frequently used: "middle class housing," which can be defined in a number of ways. Will a rent of $4,000 or more for a single bedroom apartment be considered "middle class housing"? And what happens after 20 years? In some ways, this could be an illusory victory for the true middle class and real affordable housing. Blackstone would have made a serious evaluation of the future of this complex and realized that the progressive turn-over of apartments to unaffordable, coupled with the 20 year time limit (that may erase rent-stabilization protections), is a great boon for it. Yes, we could be getting screwed again.
Hopefully, Blackstone will take their ownership of this property very seriously in terms of maintenance and enforcement of rules. In other words, hopefully we will be seeing the last of CWCapital and CompassRock.
MAJOR UPDATE 10/20/15:
More details about the deal:
Of note: "Under the new agreement with the de Blasio administration, 4,500
apartments would be reserved for middle-income families. A family of
three earning up to $128,210 a year, for example, would pay a rent of
$3,205 a month for a two-bedroom apartment. An additional 500 apartments
would be set aside for families making less. For example, a family of
three earning up to $62,150 a year would pay about $1,553 in rent for a
So, wait.... Does that mean if one's rent is higher than the amounts mentioned, one's rent is lowered??? Surely not.
And the question still remains: What happens after 20 years to these affordable apartments?
An aside: A shout out to Times' Charles V. Bagli for these reports.
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