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Thursday, October 1, 2015

Expected Losses for Specialty-Serviced PCV/ST

http://www.businesswire.com/news/home/20150928006282/en/Fitch-Affirms-ML-CFC-2007-6-Revises-Outlooks#.Vg2jg33ZkQ0

From the above article:

The next largest contributor to expected losses is the specially-serviced Peter Cooper Village/Stuyvesant Town (PCV/ST) asset (11.2% of the pool), a 56-building multi-family complex with 11,227 units located on the east side of Manhattan in New York City. The loan transferred to special servicing in November 2009. Subsequently, in October 2012 PCV/ST suffered damage from Hurricane Sandy; property restoration efforts have been completed. The special servicer continues to pursue the remaining claim amounts from the insurance providers and anticipates a resolution in the near term.

On June 3, 2014, the trust received title to the property via deed-in-lieu of foreclosure. On July 3, 2014, certain mezzanine lenders who had purchased their positions filed a complaint alleging that the deed-in-lieu breached the terms of the intercreditor agreement, among other claims. These mezzanine lenders are pursuing damages from the special servicer as senior lender. The special servicer filed an initial motion to dismiss on Aug. 18, 2014 and a motion to dismiss a second amended complaint on March 9, 2015. Status is pending regarding the motion to dismiss, but a final ruling is expected in the near term. Any potential sale of the property cannot occur until this litigation is resolved; therefore, timing of a sale remains uncertain.

In November 2012, the special servicer (CWCapital) announced a settlement to The Roberts Litigation to address historical overcharges and future rents for over 4,300 units. Final approval for the settlement was reached and implementation is now complete.

An updated 2015 appraisal and an updated operating statement are still pending, therefore, Fitch continues to model conservative losses. Property performance is stable with 97% occupancy as of August 2015.

100 comments:

Anonymous said...

97% occupancy of mostly temporary students in dorms that will be gone in 10 months and empty apartments again

Anonymous said...

No way are we almost at full occupancy with all the online ads listed.

Anonymous said...

Middle and end of every month we have people moving out and leaving the recycling room full of crap. Beginning of the month we have people moving in and leaving all their crap in the recycling room. This is really a revolving door community now and it is nasty. Very nasty.

Edmund Dunn said...

My take? Fix is in; CWC sells to Fortress, the PCVST dormfication proceeds at its current breath-taking pace, PCVST stays as a “luxury” rental dorm dump with as many parental funded millennials packed in the apartments as possible. Really sucks here these days.

Anonymous said...

You have to wonder though, why would the knock out a bunch of bricks and put in a terrace and essentially create more inventory if they did not need it? I think they're about full. I know in our building alone, there are very few old timers left. Our floor is only me now and two or three are being renovated as they were vacated by seniors. This is just one building. Oh so sad in my opinion. Every new move in is a college group of kids.

Anonymous said...

???????? a 56-building multi-family complex with 11,227 units" ????????????

Isn't it 110 buildings? with at least 11,250 units probably more with the studios converted hurricane sandy pied a terres apartments.

What happened to the other 54 buildings????????????????????


From wikipedia

Stuyvesant Town–Peter Cooper Village is a large, post-World War II private residential development, on the east side of the New York City borough of Manhattan. Stuyvesant Town, known to its residents as "Stuy Town",[1] was named after Peter Stuyvesant, the last director-general of the Dutch colony of New Amsterdam, whose farm occupied the site in the 17th century. Peter Cooper Village is named after the 19th century industrialist, inventor and philanthropist Peter Cooper, who founded Cooper Union. The complex, which was planned beginning in 1942 and opened its first building in 1947, replaced the Gas House district of gas storage tanks.

The complex is a sprawling collection of red brick apartment buildings stretching from First Avenue to Avenue C, between 14th and 23rd Streets. It covers about 80 acres (320,000 m2) of land, a portion of which is utilized for playgrounds and parkland. The development located between 14th and 20th Streets, Stuyvesant Town, has 8,757 apartments in 89 residential buildings. Combined with Stuy Town's sister development Peter Cooper Village, located between 20th and 23rd Streets, the complex has a combined total of 110 residential buildings, 11,250 apartments, and over 25,000 residents.

Anonymous said...

Seriously what happened to the other 54 buildings?

Anonymous said...

I hate to say it but I would rather have a bunch of college students then the snotty family who moved in on the floor. I have never heard them say a nice thing about the long timers. They talk trash about rent stabilized neighbors who I have known to be nice people for over 30 years.

With the low quality of the entitled "new stabilizers" maybe we are better off with revolving door students.

Anonymous said...

Look at the map, 110 addresses within 55 buildings.

Anonymous said...

Sorry, I meant 56 buildings.

Anonymous said...

Ok that reporting on the number of buildings is weird.

Anonymous said...

A blast from the past

The details of the tenants’ plan are being handled by Meredith Kane, a well-respected real estate attorney at Paul Weiss, and Moelis & Co., a real estate financial adviser. The two, who only get paid if they put together a successful deal, spend their days meeting with various government officials, investors, middlemen and landlords who are interested in the concept of a tenant bid, along with others who might provide the financing. Fannie Mae and Freddie Mac, for instance, are being looked at to provide part of a mortgage and have met with the tenants, according to people familiar with the meeting. They have also met with City Comptroller John Liu, a trustee of the city’s pension funds.

At a distance, the deal doesn’t seem impossible. Divide $3 billion by 11,200 apartments, and it only comes out to $268,000 for a Manhattan apartment.

But on a closer look, there is good reason for skepticism. Ask around the real estate world, and one is hard-pressed to find anyone who believes that the tenant bid, in its broad concept, can raise anywhere near enough money to satisfy the mortgage holders. (Based on the current rents, the property is likely worth about $1.9 billion, but investors eyeing long-term rent increases would presumably pay more.)

The chief problem is the multitude of goals articulated by the tenant leaders and Mr. Garodnick. For instance, they want to convert the complex from rental to ownership, and are resolute that no one can be evicted and anyone who doesn’t want to buy can keep paying their regulated rent. They also want those who do buy to pay below-market rates and be able to sell for a profit. Additionally, they desire long-term affordability restrictions, and to have Stuyvesant Town serve as a middle-class oasis in Manhattan.

http://observer.com/2010/06/taking-stuy-town/

Anonymous said...

I believe that for the purpose of what they are talking about, 2 buildings like 440 East 20th and 430 East 20th would only be counted as 1. This knocks the count down in ST significantly. PCV buildings are each counted separate.

Anonymous said...

8:32pm: if your snotty neighbors say anything to you about long tinpmers or RS, just tell them to go to hell. I most certainly would! We were very happy before they came and we will be even happier after they've gone.

For the record, I've always found my new nabes to be very pleasant and friendly. Some of the students are ok; some are a waste of space.

Anonymous said...

I have same as 8 32. They moved into the M floor Pcv - Nasty unfriendly nasty - others in PCV agree.

Anonymous said...

"I hate to say it but I would rather have a bunch of college students then the snotty family who moved in on the floor. I have never heard them say a nice thing about the long timers. They talk trash about rent stabilized neighbors who I have known to be nice people for over 30 years."

At least they have the integrity to verbalize their feelings. In a housing project where about half the residents are overpaying and living next to someone who, while also overpaying, is paying approximately 60% less rent than them, it's a wonder we don't here more vitriol. You can bet that many "new stabilizers" feel this way but just keep their feeling to themselves. It's really a testament to location that this dump has only a 3% vacancy rate.

Anonymous said...

Someone is counting the buildings from an aerial view off Google maps. That's why the count is wrong.

Anonymous said...

That someone counting the buildings on the map is putting it in a financial statement where it impacts the numbers, projected taxes, purchase price.

Anonymous said...

http://www.visananyc.com/eventplanner/

Open til 4 am - get your party ready.

Anonymous said...

@12:46 Perhaps if they had waited over 10 years on the waiting list to be offered an apartment (as I was) they might sing a different tune.

Anonymous said...

Maybe Ms Kane can take her clients through the details of her plan and what the city pension has to do with it.

Anonymous said...

A little bit of a sidetrack.

I was just watching the news and saw the story about the guy who was crushed by the elevator in Williamsburg. It got me to thinking about the rattling elevators in my PCV building... of course both have actively open violations since March 2015. Guess I am going back to the stairs.

Check out your building here: http://a810-bisweb.nyc.gov/bisweb/bispi00.jsp

Anonymous said...

>>>Middle and end of every month we have people moving out and leaving the recycling room full of crap. Beginning of the month we have people moving in and leaving all their crap in the recycling room. This is really a revolving door community now and it is nasty. Very nasty.<<<

Same deal in my building. In fact, I don't think these new people have the slightest idea of how do recycle. They dump everything in jumbled together and put a lot of stuff that cannot be recycled in the recycling bins. I'm sure very little of it actually ends up in the City's recycling stream because it would require too much labor to sort it. WE are supposed to sort it ourselves. Certainly, it should not be the porters' jobs to sort it. I used to recycle religiously, but now not so much. Seems like a waste of my time and just more shit for the porters to deal with, bearing in mind that we have so few porters and they are assigned so many buildings to care for and don't even get weekends off anymore!

Anonymous said...

Posted on Stuyvesant Oval Facebook

Barbara Fliegelman Shaw Simpson
September 8 ·


I came home last nite to black sludge and my sink backed up. Pathetic stuy town tells me it's not an emergency and they can get a plumber here on sept 16. They also told me if it floods I am responsible for the damage!!! They are so messed up. We haven't even turned our water on and it keeps backing up. I have lived here for 32 years and this is so screwed up!!! Management and the serviced wot sucks!!!
#stuyvesanttown — at Stuyvesant Oval.

https://www.facebook.com/photo.php?fbid=10153178424392825&set=a.10150833069642825.397805.569492824&type=3&theater

This place used to be so beautiful, well kept, professional gardeners, clean basements with working laundry, peace and quiet, and 124/7 plumbing or any service request needed, because it was well maintained. This Compass Rock is letting things fall apart.

Anonymous said...

It is 50 degrees outside. Is the heat on in your Peter Cooper Village Stuyvesant Town Aparmtent?

http://metcouncilonhousing.org/help_and_answers/heat_and_hot_water

Anonymous said...

I would call 311 and report that (B Fliegelman ) and then I'd call a lawyer. We should all be getting counsel. This is bullshit now.

Anonymous said...

8:25 pm: nth is Compass Rock is a raggedy-assed bunch of grifters who are only interested in sucking the place dry.

Anonymous said...

"@12:46 Perhaps if they had waited over 10 years on the waiting list to be offered an apartment (as I was) they might sing a different tune."

Why would they sing a different tune? Do you think they care that you waited 10 years for your apt? All they see is you having half the rent bill as them. People, generally speaking, do not celebrate the good fortune of others. I guess I did pretty well, I only waited 2 years.

Anonymous said...


https://research-and-analytics.csfb.com/ura/htmlcontent/984131241/984131241.html


Peter Cooper Village and Stuyvesant Town

CWCI 2007-C2 • MLCFC 2007-5 • MLCFC 2007-6 • WBCMT 2007-C30 • WBCMT 2007-C31


Roger Lehman +1 212 325 2123 roger.lehman@credit-suisse.com
Benjamin Rozyn +1 212 538 2173 benjamin.rozyn@credit-suisse.com
Serif Ustun +1 212 538 4582 serif.ustun@credit-suisse.com


Stuytown update – Hearing adjourned
24 September 2015
One of the lawsuits involving Stuyvesant Town may be near a settlement, according to a Debtwire article. Reportedly, a hearing scheduled for last week had been adjourned till next month. The article stated that Justice Shirley Kornreich indicated this was to give the parties time to finish a settlement.

The article went on, citing another source, to indicate that a settlement may come as early this week and involve compensation to the plaintiff.

As a reminder, in July 2014, holders of many of the mezzanine loans filed a lawsuit against CWCapital Asset Management (and other entities). There are many aspects to this case which we have been following closely for the past year and half. One of the claims made is that the defendants took “improper actions to wrongfully seize control” of the property. The lawsuit also questioned the proper interest rate that should be used in calculating the amounts owed to the senior lenders.






*

Anonymous said...


Part of the mezzanine holder’s complaint is that CWCapital represented, at the time of the filing, that the senior mortgage was owed $4.4 billion, while the plaintiffs argue that the amount was approximately $3.45 billion.

Our full history of write-ups on Stuyvesant Town, including several comments on this lawsuit, can be found here.

Several comments we have heard assert the potential settlement moves up the timing of a sale and loan resolution. It is hard to argue that the conclusion of this lawsuit removes an obstacle to sale, but it is important to note that this is not the only impediment. A settlement of this lawsuit that involves a full resolution of the senior mortgage, although possible, seems highly unlikely, based on the recent media report.

Historically, consensus estimates have long underestimated the resolution process. We still believe a rather drawn-out timeframe for the ultimate sale of the property and loan resolution is the most likely path. We believe that even once this lawsuit is settled, there are other impediments to a near-term sale including another pending lawsuit and the speed at which it takes to market such a large, iconic property such as this.

In addition, we believe that sale could be fraught with political sensitivities to the stock of affordable housing in New York City, with politicians and current residents potentially slowing the process.

A settlement could have potential consequences for the securities holders as well. A previous settlement with other mezzanine holders resulted in the purchase of those interests for $45 million, with the payment being advanced by the trust.

While servicing advances have slowed recently, which we attribute to improved financial performance at the properties (see our June 18, 2015 discussion for more detail), the total amount owed does continue to rise. A settlement payment could send the amount owed even higher.

Anonymous said...


We have also been asked about what the payments would look like if the property was sold for well above the loan balance. This is not an idle question. While the servicer reports an appraised value of $3.5 billion as of September 2014 (we expect an updated value to be reported soon), by many measures that estimate appears too low. First, the appraised value does not seem to have kept pace with the improvement in cash flow. Second, and in our mind even more telling, this valuation is in contrast to the $4.4 billion valuation that was used to calculate the transfer tax when the property changed ownership in June 2014. The plaintiffs, in their lawsuit, claim the property is worth more than $5 billion.

There are many payments to consider when a loan is liquidated or a property is sold from REO. The most common ones, in addition to the balance, are the amounts due to the special servicer for advances, interest on advances and cumulative unpaid ASERs.

All told, these amounts, including the $3.0 billion principal, currently total about $3.85 billion (Exhibit 5) and are nearly $100 million higher over the past year.

Excludes other items due and potentially paid upon recovery such as prepayment fees, late payment charges and various servicing fees.
Source: Credit Suisse, Trepp

However, after the above payments are made, before the remaining proceeds are used to reimburse tranches for previous realized losses, there can be payments for both prepayment penalties and, very importantly in this case, default interest. We have, over time, explicitly discussed these payments.

The prepayment penalty has been and will continue to decline as we approach the original maturity date (December 2016).

However, the default interest is not declining and was, in fact, one of the points of contention that the plaintiffs raised in the lawsuit.

While it is fairly uncommon to see payments of prepayment penalties and default interest, as most liquidated loans do not generate enough sales proceeds to cover these, they are far from unheard of. In fact, we have even seen an example just this month, where a $16.0 million loan generated over $4.0 million in default interest.

Anonymous said...

http://absre.com/wp-content/uploads/2015/03/Office4Q14.pdf

The letter Schumer et al sent cut out the tenants and put the power in the hands of the few so called Tenant's Association and the City to control Fannie Freddie. The so called Tenant Association does not have the membership numbers or authority to control this and take it away from the remaining few thousand affordable housing apartments left after they decimated this affordable housing complex cutting over 60% and climbing of its affordable housing away.

Anonymous said...

Buying Favor - Committee to Scam NY - Preet's Investigation - Cuomo Empire State Development Corp, REBNY newly formed money backers at behest of Cuomo to takeover NYState NYCity PCVST - Speyer Koch Langone Citizens United

The Committee To Save NY, The Partnership for NYC

CULTURE OF SECRECY

TAKEOVER OF PCVST AWAY FROM MIDDLE CLASS TO BILLIONAIRES WAS ALWAYS PIECE OF THE PLAN

When How Who Finances Inequality, NY Middle Class Community Destruction to Increase Fortunes of Forbes Wealthiest

In its short history, Committee to Save NY gained a reputation for secrecy. It declined to disclose names of all of board members until January 16, after unfavorable press attention.

Though organized specifically to work for passage of Cuomo’s budget proposals, it avoided registering as lobbyist until late January, delay criticized by good-government groups.

The Committee still refuses to disclose most of donors. “We don’t have to report it, so why tell you?” board member Steven Spinola told The NYTimes.

Spinola REBNY played central role in founding the Committee.

RE developer fmr REBNY chair Larry Silverstein illuminating take on REBNY what it stands for, 1986 NYTimes: “Our membership list and the Forbes 400 wealthiest individuals in the US have an enormous commonality.... By virtue of our holdings, the board has the most intense interest in the well-being of the city – we recognize that our fortunes are inexorably tied to the fortunes of the city.”



The Committee to Save NY is just latest expression of REBNY’s “intense interest” in NY’s economic health and apparent belief interests of billionaire RE developers and public interest are neatly aligned. Silverstein donated to Committee, REBNY Spinola Mary Ann Tighe Rob Speyer all sit on Committee to Save NY board.

TAKEOVER OF PCVST AWAY FROM MIDDLE CLASS TO BILLIONAIRES WAS ALWAYS PART OF PLAN

Speyer, Cuomo’s top campaign donor and top donor to Committee, gave $1 million. Tishman Speyer formed investment team that bought PCVST for $5.4 billion, drew sharp criticism from tenants for poor stewardship of property, defaulted on loans early 2010.



Months before Cuomo proposed 2011 budget or was elected governor a small group of NY power brokers began organizing a business coalition to support Cuomo’s efforts to balance state’s budget through SPENDING CUTS that TARGET PUBLIC SERVICE and PUBLIC WORKERS.

The GROUP was ORGANIZED at URGING OF CUOMO after a series of meetings with corporate leaders spring / summer 2010.

The “Committee to Save New York" assembled a $10 million war chest to fund a tv ad campaign, canvassing, other organizing efforts in support of Cuomo’s austerity budget and its tax cuts for the rich.


Who Is the Committee to Save New York?
By Kevin Connor
http://www.psc-cuny.org/node/1616

cont'd

Anonymous said...

cont'd part two
Buying Favor - Committee to Scam NY - Preet's Investigation - Cuomo Empire State Development Corp, REBNY newly formed money backers at behest of Cuomo to takeover NYState NYCity PCVST - Speyer Koch Langone Citizens United
The Committee To Save NY, The Partnership for NYC
TAKEOVER OF PCVST AWAY FROM MIDDLE CLASS TO BILLIONAIRES WAS ALWAYS PIECE OF THE PLAN



Core founders represent some of NY’s wealthiest most powerful residents: bank CEOs, billionaire RE developers, media moguls, hedge fund managers.

Another key group in Committee is Partnership for NYC which describes itself as “a select group of 200 CEOs from NYC’s top corporate, investment and entrepreneurial firms.” CEO Kathryn Wylde, a Committee to Save NY board member frequently credited as one of the movers and shakers who ORGANIZED THE COMMITTEE AT CUOMO'S BEHEST.


Despite cultivating image as sort of good-government group, the Partnership has been a reliable guardian of corporate interests on issues from paid sick leave for workers to tax cuts for rich.


NO STATE GOVERNOR SEEKING BUDGET CUTS INCLUDING WALKER ENJOYS THE LEVEL OF PUBLIC SUPPORT FROM BILIONAIRES THAT CUOMO IS GETTING FROM THE COMMITTEE TO SAVE NY


THE POLITICAL ALLIANCE THE COMMITTEE REPRESENTS WILL HAVE PROFOUND CONSEQUENCES FOR NEW YORKERS IN THE YEARS AHEAD.



BUYING FAVOR
Wisconsin Gov Scott Walker, who moved to strip public employees of collective bargaining rights, received great deal of media attention for taking a call from Buffalo blogger posing as right-wing billionaire David Koch.

Koch had given $43,000 to Walker’s campaign, Washington Post’s Ezra Klein wrote the call showed “access and power that major corporations and wealthy contributors will have in a Walker administration.”

But Koch gave even more money to Cuomo than he gave Walker – $50,000, plus another $37,000 Cuomo received from Koch’s wife, Julia.



PR FRAUD ON THE PUBLIC
Committee to Save NY tries to project “big tent” image with photos of construction workers in promos, TV ad that features average NY'ers advocating for tax cuts. But if Committee is a tent, its center poles are REBNY, Partnership for NYC and to lesser extent, Business Council, which appears to provide bulk of group’s funding and organizational support.


Also credited founding Committee to Save NY are Business Council of NY State CEO Ken Adams. Business Council brings together business interests from NYC and upstate.

Cuomo has since nominated Adams as CEO of Empire State Development Corp. (RIP Carey Gabay), the state’s economic development arm, further illustrating close ties between governor and Committee.

The Business Council’s acting head, New Jersey's Heather Briccetti (voted against $15 min wage) replaced Adams on the Committee’s board.


Who Is the Committee to Save New York?
By Kevin Connor
http://www.psc-cuny.org/node/1616

Anonymous said...



What about the overcharges - the filings - the hundreds of filings of overcharges with DHCR --- No reply - pending - no reply. Scam Scam Scam alert

Anonymous said...

THE INVESTIGATION BY PREET BHARARA

"With a widening probe of New York state government, U.S. Attorney PREET BHARARA appears to be taking aim at the nebulous relationship between money and politics itself — a long and murky association in Albany and in capitals across the nation."

NY MONIED ELITE ALLIANCE CREATED BY CUOMO - REBNY'S "THE COMMITTEE TO SAVE NEW YORK" AND "THE PARTNERSHIP FOR NEW YORK CITY:

REBNY is and what it stands for in a 1986 profile in the Times: “Our membership list and the Forbes 400 wealthiest individuals in the United States have an enormous commonality.... By virtue of our holdings, the board ... our fortunes are inexorably tied to the fortunes of the city.”

THE RICHER NYC THE RICHER THE REBNY BOARD
BILLIONAIRE TOWER HOUSING / OFFICES MUST DISPLACE AND REPLACE SMALL BUSINESS / MIDDLE CLASS

Also credited in founding the Committee to Save New York are the Business Council of New York State and its CEO, Ken Adams. The Business Council brings together business interests from both New York City and upstate. Governor Cuomo has since nominated Adams as CEO of the Empire State Development Corp., the state’s economic development arm, FURTHER ILLUSTRATING TIES BETWEEN THE GOVERNOR AND THE COMMITTEE

No state governor seeking budget cuts, including Walker, enjoys the level of public support from billionaires that Cuomo is getting from the Committee to Save New York. The .. political alliance it represents will have profound consequences for New Yorkers in the years ahead.

http://www.houstonchronicle.com/news/us/article/US-attorney-appears-to-focus-on-political-favors-6547783.php

http://www.psc-cuny.org/node/1616

Anonymous said...

CUOMO - WE HAVE ALWAYS BEEN TAMMANY HALL SO WHAT IS THE PROBLEM?

...The federal prosecutor, (Bharara) whose investigations have already toppled two legislative leaders, is now believed to be investigating Gov. Andrew Cuomo's signature economic development project, the Buffalo Billion, which awarded significant state money to a company run by a Cuomo donor.

Asked recently whether it's a problem that people getting state grants and contracts are contributing to his campaign fund, Cuomo noted that's not new.

"It hasn't been a problem for the past 100 years, so I don't know why it would be today," Cuomo said


http://www.houstonchronicle.com/news/us/article/US-attorney-appears-to-focus-on-political-favors-6547783.php

Anonymous said...

Whether illegal or merely unseemly, the ties between elected officials and their contributors should be a matter of concern to voters, according to Richard Brodsky, attorney, former Democratic state lawmaker Westchester County who now writes about government and politics.

"Corporations don't spend tens of millions of dollars as a matter of good citizenship," he said. "The system is funded by investors and investors inevitably expect a return, regardless of whether actual laws are broken or not."

A report from an anti-corruption commission Cuomo himself created in 2013 and then shut down the next year identified

"eyebrow-raising patterns of potential misconduct"

based on a review of campaign contributions to elected officials from donors with interests in legislative outcomes.

http://www.houstonchronicle.com/news/us/article/US-attorney-appears-to-focus-on-political-favors-6547783.php

Anonymous said...

US attorney appears to focus on political favors in New York

Godspeed Mr Preet Bharara



Anonymous said...

Unfortunately Cuomo's Monied Alliance controls the Mayor's Fund for NYC chaired by Rob Speyer and Chirlane McCray.

I never met the Mayor's wife, I am sure she is qualified, but I am not sure she can be as strong a force for good alongside the Rob Speyer force for evil.

Anonymous said...

They forced out thousands of long time residents.

Anonymous said...

Nah, they just forced out those who were really living in their 'other summer' homes. Not living here.

Anonymous said...

What's this Committee to Save New York? They are trying to save it just for themselves! We need a Committee to Save New York from The Committee to Save New York.

Cuomo is doing everything in his evil power to bring DeBlasio down. DeB is no prize (except maybe as a turkey), but he's not an evil, psycho bastard like Cuomo. I can't wish hard enough to see Cuomo being led away in handcuffs. And if that Speyer bastard was with him, it would absolutely make my year!!!!!

BIGMO said...

This is off-topic but I was wondering how many of you are getting 'inspection letters' from management. A year ago my apt was inspected by someone who took a cursory look at my living room and kitchen. Took the serial number of my fridge and asked me how many ACs I had. Then he left.

About a week ago I got another notice for an inspection.

I'm a long-time RS tenant. Is this a 'fishing expedition' and are they primarily targeting us 'old-timers?' This could border on harassment if these 'inspections' become an annual thing.

Anonymous said...

"The pope’s billionaire entourage: How the 1 percent embarrassed themselves before the pontiff. Kenneth Langone and his ilk will pay handsomely to hear him speak. They just won't follow his actual teachings"

He is such a piece of dung.

http://www.salon.com/2015/10/04/14104590_partner/


Anonymous said...

Why are there 41 apartments for rent in the building next to us?

http://hotpads.com/building/12-Stuyvesant-Oval-New-York-NY-10009--420wjkqnh21gf#limit=4&lat=40.73263168335&lon=-73.98145294189499&zoom=23&previewId=5b2a8bzs38enb&previewType=unit&detailsOpen=true&minLat=40.72414351271501&maxLat=40.741118771261895&minLon=-73.99752473831222&maxLon=-73.96538114547775&show_listing_sidebar=0&listingTypes=rental,sublet,room,corporate&propertyTypes=house,divided,condo,townhouse,medium,large,garden,&dupeGrouping=building

Anonymous said...


October 5, 2015 at 11:03 AM
I doubt 50% of the population, 6000 people, were living in other summer homes.

I know the teacher in the building next to ours did not have a summer home when she was kicked out. Looking back at what they did to her, it was all illegal, random charges and overcharged on her renewal increases and violations of her rent stabilized lease.

Anonymous said...

We are supposed to be safe in our homes. If we are not then the laws written are failing the People.

Anonymous said...

nope we get two a year yes two already stop whining we just arrived here 4 yrs ago

Anonymous said...

It crosses the border into harassment! But don't expect Garodnick or Steinberg to help.

Anonymous said...

As per the view of the posters here, the TA sucks, it is corrupt, etc. OK, time to move on. So then what do we do? Start a local PCVST alternative to the TA? This crowd? Don’t make me laugh. However, one can join and give some time/money to a more broad based tenant's rights advocacy group. In my email today:

“Last Summer, while we were able to win a historic rent freeze, Governor Cuomo and the politicians in Albany once again sided with the landlords, blocking efforts to strengthen our shamefully weak tenant protections. Now more than ever, we need to join together, organize, and win.
•Want to Join the tenant movement?
•What to organize in your community?
•Want to volunteer for our crucial tenant help hotline and protect tenants from harassment and eviction?
JOIN US NEXT THURSDAY OCT. 15th:
Met Council Community Meeting
"Where do we go from here?"
6:30 - 8:30 PM
DC37: 125 Barclay St. Room 1
RSVP Here

http://metcouncilonhousing.nationbuilder.com/oct_15?utm_campaign=oct_15&utm_medium=email&utm_source=metcouncilonhousing

We are calling Met Council members to invite to the meeting - Help us phone bank!
Tuesday Oct. 6th 4-8 PM; and Thursday Oct. 8th 4-8PM 339 Lafayette St. #301

Anonymous said...

Classless

"Many investors may never spend a day in the luxury apartments,"

http://www.theguardian.com/society/2015/jul/22/come-see-londons-latest-luxury-housing-venture-where-a-car-space-is-50000

"investors" or "money launderers"

These towers all look the same

The poor door squat building that had to be made because of city regulations just shows how bloody stupid the city government it that they create segregation. Giving developers ratios is bloody stupid. Who came up with that first, London or NYC?

Anonymous said...

Stuy Town has had the same unsolved problems for years. When the REBNY has a problem the politicians from Garodnick to Schneiderman to Schumer fix it right away.

Hell, if REBNY has an inconvenience or in the tiniest of ways bothered, Garodnick, Schneiderman, Schumer will do whatever it takes to make them comfortable.

But as long as the problems the People have are making profits for the billionaire backers of the Politicians, the problems will be legally allowed or loopholed by the politicians.

Three years later and the same problems plague this community but the politicians get themselves a lot of headlines and photo ops speaking against the problems, and without the problems, the politicians headlines poof disappear.

Getting headlines from advances in society would never occur to incumbents who built careers on getting headlines from society's problems so they keep the problems on the People and the profits going to the politician's backers.

Of disturbing note, Margaret Salacan PCVST Tenant Association Board in 2012 admitted she can recognize all the renovations types in the complex. But of course she can!

The TA board knows of all the dorms, the renovations, the arboricide, the Oval Massacre, the squirrel-killing bunker, the Tent, the commercialization, the construction years before they break ground. The job they took on with Politicians is to make sure the residents are kept in the dark, so the TA pretends they too are in the dark.

Marsh, Steingberg, Salacan, they were all a big part of the commercialization and dormification of the residential property and community.

Never in history was there a more silent "Unity" of voice then when residents were duped into signing the Peter Cooper Village Stuyvesant Town Tenant Association unity pledge.

They promised to be tenants voice, then were the most silent of voices in the history of tenant protests.

http://www.nytimes.com/2012/07/22/nyregion/stuyvesant-town-sleuths-keep-vigil-against-illegal-hoteliers-in-their-midst.html?_r=0

Anonymous said...

11:49 I completely 100% entirely agree with you!!!!!!!!!! Who are these "committees"?

“How a small group of big business interests and billionaires are hijacking New York State’s public policy agenda on behalf of the 1 percent.”

This is why our small business are going under wiping out family's entire assets, our working Middle class are losing homes and all the devastation that goes with that.

The 1% wrote the laws and loopholes the three amigos Cuomo Skelos Silver and their cronies Stringer Schneiderman and the three mini amigos Garodnick Hoylman Kavanagh implemented that plague citizens.

The purpose of The Committee To Save New York:
"greater control on state spending"

Q. Who would allow them to control State spending?

A. "(Committee to Save New York) lobbying organization set up to push Gov. Andrew Cuomo’s agenda"

Cuomo's agenda is The Committee To Save New York's Agenda. The Committee wrote Cuomo's Agenda and his cronies wrote the laws, loopholes, and dragged their heels on writing laws that would protect the People from The Committee To Save New York's devastating public policy agenda

In return for their own personal job promotions / career advancement these guys sold out their elected office to the Committee To Save New York's agenda. That is why NYC is a mess, the State is a mess. A very big corrupt mess.

Every one of these politicians had their eye on the next office they felt entitled they would automatically move into and prematurely celebrated with the REBNY as if citizens votes don't count.

When citizens rallied against the Committee To Save New York agenda supporting De Blasio for Mayor instead of Quinn or her backup Stringer -- Garodnick and Stringer scrambled to save themselves with their back room deal and the hypocritical extra term for Garodnick.

Cuomo has always been mad NYC citizens voted De Blasio instead of Quinn, and madder De Blasio backed Viverito is Speaker and not Cuomo backed Garodnick.

The almighty Cuomo threw all his weight and political allies behind Garodnick so they can push The Committee To Save New York's Agenda through so the 1% can take over (in the process ruin citizen's lives, homes, small businesses) - taking over without interference from the citizens.


http://blog.timesunion.com/capitol/archives/194179/saying-they-accomplished-their-goals-csny-disbands/

"The group was the state’s top-spending lobbying entity in 2011 ($11.9 million) and 2012 ($4.2 million), according to disclosure data."

They "disbanded" from public eye before thwy would have to have any new contributions made public under the state Joint Commission on Public Ethics’ source of funding disclosure requirements.


Completely AGREE! October 5, 2015 at 11:49 AM
Cuomo is doing everything in his evil power to bring DeBlasio down. DeB is no prize (except maybe as a turkey), but he's not an evil, psycho bastard like Cuomo. I can't wish hard enough to see Cuomo being led away in handcuffs. And if that Speyer bastard was with him, it would absolutely make my year!!!!!


De Blasio is trying to reform the system comprised of a slick-haired overgroomed metrosexual entitled old boys club. Perp walk photos are astonishingly less groomed than their posed "in office by flags looking out windows" photos.

De Blasio is the real deal.

Anonymous said...

The hypocrisy of Cuomo's Press Campaign against De Blasio

Cuomo's little soldiers doing his dirty work lie saying De Blasio will return NYC to dark days of dank crime-ridden plague

Truth is Cuomo and his Committee formed to undo citizens advancements and political movements that brought communities out of the dark. Cuomo, cronies and the committee want to keep people in the dark days and rise the 1% above the light.

"The group, he said, also wanted to “neutralize the impact of special-interest money” — by which he means the sort of predominantly union dollars that dominated prior to CSNY’s establishment, but have remained largely sidelined since Cuomo’s election."

Cuomo and his cronies neutralized and sidelined the People. That includes neutralizing the residents of PCVST, sidelining our need and basic right of a safe and peaceful home, silencing our voice, to give the property to Cuomo's agenda.

Citizen's basic right of shelter, a home, is sidelined for Cuomos Committee and Cronies Agenda. Citizen's lose home and small businesses so Committee gets land. That is the Cuomo and Cronies way.

Anonymous said...


Cuomo / Skelos / Silver The Committee To Save New York et al

Chapter "Skelos Spending State Money the Cuomo Committee Way"

"If that isn't one enormous, steaming pile of conflicts of interests, one that could have profound effects on what millions of New Yorkers pay to keep the lights on, I don’t know what one would like. That such arrangements could even exist says a number of really terrible things about the way the public’s business is conducted in this state.

I don’t care about anyone’s personal “walls” anymore. The status quo smells terrible and it’s got to change."

For details on the stink go to:

http://thealbanyproject.com/dean-skelos-law-clients-public-money/

Anonymous said...

Committee To Save New York / Cuomo make sure the 1% live off government and citizens do not -- that 1% control citizens and government does not.

When government and citizens have a mutually beneficial close relationship then the 1% doesn't have access to pillage citizens.

The 1% must control government to pillage natural resources and use human beings as human capital to make themselves richer and richer and richer. They had to drive a wedge between the "government of the people" and "the people".

Enter Cuomo & Cronies

Middle class makes itself richer by hard work. "Old school 1%" makes itself richer by pillaging. They can only do it with old school "Cuomo & Cronies" making it happen from Cuomo/Schneiderman down to Garodnick/Stringer all ready for their promotion to next office after delivering the Committee's agenda.

Cons include when 1% and political puppets use the phrase "job creation" to give millions and billions to special interests big business instead of investing millions and billions in infrastructure, communities, citizens.

"Job creation" is putting people to work for 1% with all reward benefits tax breaks pension$ going to 1% instead of citizen's work rewarding the citizen.
It is a purposefully misleading PR catch phrase used to dupe citizens just like "family values" because they have (or later in life ceremoniously added) mandatory spouse and kids. If they really had family values their voting record and resume would reflect it, they would not have to hide behind spouse and kids as pr, and our families would have a higher quality of life instead of lives filled with decades of struggle and my kids life no better than ours!

The wonderful family that lived in our building for generations were forced out of their home. They were emotionally devastated.

Evident by the condition of our families and communities, politicians having a family does not mean they are acting on behalf of families. Uggh, PR photos of them parading their kids to get crowds to say "awe". How about throwing a little "awe" to my kids! Invest in our teachers, schools and write laws keeping us safe in our homes instead of laws for Wall Street to pillage to make themselves richer by stealing from us! Isn't Wall Street smart enough to find a way to make profits without stealing? Geez, anyone can get rich by stealing. Lawmakers are supposed to make sure no one steals.

Look to CSNY to see who controls Albany, ruining NYC citizen's lives for the 1% takeover.

The agenda: ONLY the 1% profits from government, natural resources and human capital, with subsidies, tax breaks, favorable laws and loopholes to pillage and rape.

Citizens had more power in government before Committee Cuomo Cronies got in Albany.

Committee Cuomo are bringing NY back to 1970, before citizens and unions built a voice in government. Because God forbid citizens have any say let alone power in US government.

There is a great visual for "The Committee To Save 1% New York" with the article:

http://blog.timesunion.com/capitol/archives/136087/report-claims-csny-just-wanted-money-for-members/



Report claims CSNY just wanted money for members
By Jimmy Vielkind, Capitol bureau

"A report issued this morning by the regular smattering of left-leaning, labor-backed groups again criticizes the Committee to Save New York, the deep-pocketed coalition of real estate magnates, business groups and a private sector labor federation that has spent millions supporting Gov. Andrew Cuomo and his agenda.

They say CSNY has been untransparent, and that it’s benefited from Cuomo’s policies to the tune of billions. Specifically, they say financial firms will reap a windfall in management fees from the 401(k)-style accounts made available to some new public employees under Cuomo’s pension re-jiggering."

Anonymous said...

Property Managers are not trying to make PCV ST a younger place. They are replacing deep rooted "old/middle/young/toddlers" of generations of families with new short stay "young only" to churn churn churn. Uprooting generations of families and the trees each generation enjoyed.

Anonymous said...

Cuomo's Committee To Save New York (for the 1%)

Despite its power, much remains unknown about the Committee, which declines to
disclose its donor list. Recent press reports identified several donors, including casino gambling interests. These reports suggested the organization acted as a front group for these interests as they pushed to legalize casino gambling in New York State. But much of the money behind the Committee remains in the shadows.

This report takes a closer look at the powerful forces behind the Committee and their playbook for “saving” New York. The Committee’s backers are primarily big
business interests, billionaires, and other leading lights of New York State’s “one
percent.”

They played a key role in crashing New York’s economy through their own
style of gambling, won billions in government bailouts, but now insist on “fiscal
responsibility” for the rest of the state.

Though the Committee frames its agenda as altruistic and public-minded, its backers stand to profit substantially from the policies for which it advocates. These policy payoffs include not just casino gambling legalization, but pension reform, new and continued corporate tax loopholes, and favorable development policies.

The easy to read full report is here:

http://public-accountability.org/wp-content/uploads/csny2012.pdf

Anonymous said...

Who Rules the Cuomo Committee?

Committee donors whose names have been reported in the press, as well as three key business associations behind the Committee –
the Partnership for New York City,
the Real Estate Board of New York, REBNY
and the Business Council of New York State.

http://public-accountability.org/wp-content/uploads/csny2012.pdf

Anonymous said...

"Wholly" No Way


Though the Committee and Cuomo administration once denied coordinating, recent reports in the New York Times have revealed coordination, and the Cuomo administration now claims that “such coordination with elected officials is wholly proper, common, and necessary.”

Anonymous said...

AND THE KICKER

Cuomo's Committee kicked out this community!

Remember when Dan Garodnick proudly said the JP Morgan analysis supports the Brookfield deal for Peter Cooper Village Stuyvesant Town?

That was JP Morgan supporting itself and the deal JP Morgan, Tishman Speyer and Cuomo made.
JP Morgan wrote a whole financial analysis supporting themselves, calling themselves great and just the best deal ever!



"2 * Public Accountability Initiative Part 2: Speculation and Bailouts

The second section notes that the key forces behind the Committee to Save New York sent the economy into a tailspin in 2008 due to unchecked speculation, then received $167 billion in bailouts from the federal government.

One of the largest donors to the Committee, real estate firm Tishman Speyer, also received a bailout from the Federal Reserve Bank of New York. This speculation continues unabated.

Committee donor JPMorgan Chase and its CEO, Jamie Dimon, have recently racked up $3 billion in trading losses. According to Capital New York, “the seeds of the pro-
Cuomo lobbying giant known as the Committee to Save New York were sewn in 2009” – in
a meeting at JPMorgan’s offices."


http://public-accountability.org/wp-content/uploads/csny2012.pdf




(The Stuy Town Big Dig Website was also set up and run by two guys, a lobbyist and a JP Morgan guy to push through the development of the open space and the whole property). Tishman Speyer JP Morgan and Cuomo massacred the Oval, killed all the trees and built the bunker. Peter Cooper Village Stuyvesant Town was bartered in a deal by the Committee To Save New York for the 1%.)

Anonymous said...

The committee formed in 2010 - the same time Tishman Speyer pretended to default but really decided to no longer pay the mortgage and take their federal bailout money elsewhere to wreak havoc and they handed it to Brookfield and continued the Speyer plan.

According to DOB beginning 2010 thousands of Peter Cooper Village Stuyvesant Town apartments (and trees) have been cleared (evicted) and chopped.

Anonymous said...

The Cuomo Committee didn't leave out Speyer Partner BlackRock

They got:
"Corporate taxes: billions in new and continued loopholes.

The Committee’s anti-tax stance helps protect Committee-linked firms from corporate tax reforms that would close loopholes and raise corporate tax rates.

The Cuomo administration’s reluctance to close corporate tax loopholes has translated into billions in lost revenue for the state – and billions in pure profit for Committee-linked companies; the report documents $16 billion in state income tax avoidance by the companies from 2008-2010, on top of $101 billion in federal income tax dodging.

One Committee-linked firm, BlackRock, won a new $15 million loophole in this year’s budget."

public-accountability.org/wp-content/uploads/csny2012.pdf




Small businesses are losing their leases and closing shop while Cuomo Committee gives billions to their businesses.

If Gale Brewer genuinely wanted to help small businesses she would call out the Cuomo Committee but instead she reaping benefits for herself by allowing the Cuomo Committee to go unchecked and cause problems so she gets headlines for herself in an effort that would amount to a band aid on a mortar shell blast.

Next vote goes to a real fighter for the people to be in the political office of the Borough President, anyone but Brewer.
Whatever office she runs for, our vote goes to the other guy.

Anonymous said...

The convention centers in working class NYC neighborhoods are not to spur the economy.
They are to make billions for the Cuomo Committee.

"Casino gambling: favorable regulations. Committee donors would benefit from the Cuomo administration’s casino gambling policies, including Malaysian casino giant Genting and the New York Gaming Association.
As the New York Times reported, the Cuomo administration directed these interests to give to the Committee, and subsequently endorsed a Genting proposal to build a casino and convention center in Queens"

Committee-linked companies have been approved for $2 billion in subsidies over the
past twenty years, and some have failed to meet jobs promises associated with these
subsidies."

There are a lot of real estate deals, biggies like Durst and the Jacob Javitz Center (Durst is big backer of Cuomo / Schneiderman)




public-accountability.org/wp-content/uploads/csny2012.pdf

Anonymous said...

Who are the names behind the Cuomo Committee?

Kathryn Wylde (Partnership for NY),
Real Estate Board of New York (REBNY) president Steven Spinola,
and Tishman Speyer CEO Rob Speyer (also a large donor to the Committee).

public-accountability.org/wp-content/uploads/csny2012.pdf


Those three.
They hid behind a host of other names, while it centered around those three controlling Albany.


That is why Rob Speyer and Tishman Speyer were never held accountable for destroying thousands of lives in Peter Cooper Village Stuyvesant Town.

That is why DHCR TPU allows rent overcharges.

That is why Brad Hoylman, Brian Kavanagh, Dan Garodnick and the DOB developed the Oval, Bunker, and dorms with no opposition from Steinberg and Marsh having a "meeting" to shut the tenants up.

That is why reports of fraud to authorities land on deaf ears and blind eyes.

That is why tenants who report what is going in in Peter Cooper Village Stuyvesant Town will be attacked from all angles, decimated and destroyed by any means possible, false and yet to be invented.

Anonymous said...

Yes, Brookfield is on The Committee To Save New York (for the 1%)

Anonymous said...

The Cuomo Committee Sham Board and the Real Board (and by let's fix Albany they winked the "fix is in").

They mapped out and divided NYC among themselves entire communities, evicting residents and small businesses for their little private fiefdom that serves and profits them as they wish.

By the time communities and neighborhoods find out it is too late to do anything and all the rallies are phony, merely photo ops for the lower level politicians who knew all along - the fix was in. It was a done deal shook on at JP Morgan. But hey pols get press out of it to appear like they are civic minded and community advocates.



"When the Committee announced its board, January 2011, it included representatives of regional chambers of commerce throughout the state, as well a
diverse group of co-chairs. Committee organizer Kathryn Wylde, who heads
Partnership for New York City,said that there are “no nefarious agents” at the
Committee, and stressed that the board included upstanding citizens such as the
Reverend Calvin Butts.

It may have been true last year the Committee’s “political strength is its breadth,” as Capital New York wrote at the time, but the board Wylde pointed to as evidence of this has been revealed to be something of a ruse – a collection of figureheads, with no formal power over the organization (but certainly a favor would be returned of a personal reward later).

The Wall Street Journal reported in December the individuals listed as board
members on the Committee’s website, letsfixalbany.org, were actually advisory
board members.

Decisions at the Committee are made by a three-member executive committee composed of Wylde, Real Estate Board of New York(REBNY) president Steven Spinola, and Tishman Speyer CEO Rob Speyer (also a large donor to the Committee). The Partnership represents big business CEOs in New York City, and The Committee to Save 1% New York

REBNY represents wealthy real estate interests, including many billionaires. Notably, Speyer’s father Jerry sits on the board of both REBNY and the Partnership.

The Committee’s website has been updated to reflect this reality, and the group’s
990 also lists the three as board members. However, the Committee’s old board of
directors page is still available at http://www.letsfixalbany.org/board-members. The board is entirely different from the board reported on the tax return, and is not identified as an “advisory” board on the site.

Wylde, Spinola, and Speyer represent the “powers that be” behind the Committee to Save New York: elite big business and real estate interests,

Anonymous said...

And here's to you, Mr. Garodnick
Jesus loves you more than you will know.
God bless you, please Mr. Garodnick
Heaven holds a place for those who pray,
Hey, hey, hey
Hey, hey, hey

We'd like to know a little bit about you for our files
We'd like to help you learn to help yourself.
Look around you all you see are sympathetic eyes,
Stroll around the grounds until you feel at home.

And here's to you, Mr. Garodnick.
Jesus loves you more than you will know.
God bless you, please, Mr. Garodnick.
Heaven holds a place for those who pray,
Hey, hey, hey
Hey, hey, hey

Hide it in the hiding place where no one ever goes.
Put it in your pantry with your cupcakes.
It's a little secret just the Garodnick's affair.
Most of all you've got to hide it from the kids.

Koo-koo-ka-choo, Mr. Garodnick,
Jesus loves you more than you will know.
God bless you, please, Mr. Garodnick.
Heaven holds a place for those who pray,
Hey, hey, hey
Hey, hey, hey

Sitting on a sofa on a Sunday afternoon.
Going to the candidates' debate.
Laugh about it, shout about it
When you've got to choose
Every way you look at this you lose.

Where have you gone, Mr. Garodnick.
Our nation turns its lonely eyes to you.
What's that you say, Mr. Garodnick.
Jolting Dan has left and gone away,
Hey, hey, hey
Hey, hey, hey

Anonymous said...

Cuomo put together the Committee to stop Labor / Workers from getting what is their Right.


"The Real Estate Board of New York, the Partnership for New York City, and the
Business Council for New York State each made an intentional, organizational
decision to co-found the Committee in 2010, answering the call of Cuomo, who had
asked business community leadership to form a “counterweight” to labor during the
upcoming budget fight."




We are not focused on Cuomo. We are focused on the truth of what happened to Peter Copper Village Stuyvesant Town. The truth is we got decimated by Cuomo.

Got it?

Anonymous said...

This is why they don't care when the PCVST shames Tishman Speyer. Jerry and Rob wear citizen disdain as a badge of honor, calling it jealousy. (even though no one is jealous of those two)

In fact it makes them pleased because then the politicians get to keep their squeaky clean "for the people" image while really the politicians are doing the dirty work for Tishman Speyer


"Many individuals linked to the Committee have given substantial sums to Cuomo.
One of the Committee’s three board members, Rob Speyer, maxed out to Cuomo
during the 2010 cycle, giving $55,900, and subsequently began organizing the
Committee.

Speyer’s real estate firm, Tishman Speyer, incorporated the Committee in late 2010 and pledged $1 million in contributions."


That's right, Tishman Speyer incorporated the Committee To Save New York in late 2010.

Also in 2010 Dan Garodnick picks Brookfield (giving no consideration to any other options).

That's right. Dan Garodnick hand picks Brookfield, a member of the Committee To Save New York to pretend to be rescuing the PCVST community when in fact Brookfield is on the Committee to kickout the small businesses and middle class -- to take over NYC for the 1%.

He hand picks Paul Weiss REBNY lawyer Kane.

Dan Garodnick carried out the Committee To Save New York's plan for PCVST and the plan does not include any of us.





Anonymous said...

Fair warning

Page 18 of the report may make you vomit.

public-accountability.org/wp-content/uploads/csny2012.pdf

Anonymous said...

Cuomo's Committee pays little to no taxes, controls Albany to keep it that way, shifts $8.4 Billion tax burden on citizens.

This is why we reported the HSBC Swiss Tax Scandal - it is important to each resident in PCVST.

"Tax Havens.
Businesses linked to the Committee to Save New York have set up numerous subsidiaries in offshore tax havens such as the Cayman Islands.

These tax-sheltered entities can be used for some legitimate purposes, though they are often associated with complex schemes that leverage the secrecy afforded by light regulatory regimes in order to evade taxes.


publicly held corporations associated with the Committee have set up 1,716 offshore subsidiaries incorporated in offshore tax havens.

Morgan Stanley, which holds one of three ex-officio seats on the board of the Partnership, has 311 subsidiaries incorporated in tax havens, more than any other Committee-linked business.

The Cayman Islands is home to more than 400 corporate subsidiaries associated with Committee-linked businesses, more than any other tax haven.

Without access to corporate tax returns (and the corporations’ accountants), it is not possible to know how these corporations are using offshore tax shelters to evade state and federal income taxes. A 2009 US Public Interest Research Group report did estimate, however, that offshore tax shelters shifted a tax burden of $8.4 billion onto taxpayers in New York State"

(The amount of money Verizon doesn't have to pay in taxes owed is frightening. Yes they are connected to the Committee.)

Anonymous said...

In New York City, these subsidies effectively subsidize the real estate developers
associated with the Real Estate Board of New York, because they build, own, and
lease the properties occupied by these businesses. Two notable examples, which
originally appeared in the 2011 version of this report, “The Committee to Scam New
York”

Goldman Sachs - Tishman Construction. Goldman Sachs received a massive subsidy package in 2005 to build its new headquarters in Lower Manhattan, including $115 million in state and city tax breaks and grants."

This is possibly the most despicable of their despicable thieving acts:

"Goldman also received $1.65 billion in tax-exempt Liberty Bonds, which were intended to help New York City rebuild itself following 9/11."



Basically Dan Garodnick's entire mid-town east rezoning is the same continued scam. The Committee businesses and real estate developers pass billions to and from each other while taking over the land from NYC'ers.

Anonymous said...

Cuomo and Cronies Committee

Fake threats to leave NYC are the staged pr events politicians use to complete their long ago promises to give billions in welfare to the Committee:

Bank of America - Durst Organization.
After threatening to leave New York City in 2003, Bank of America was approved for $82.6 million in tax breaks from the city and state for its new headquarters at One Bryant Square.

Bank of America merged with Fleet the next year, laying off 4,500 employees in New York and elsewhere (achieving negative job creation numbers!).

The new building was built with $650 million in tax-exempt, post-9/11
Liberty Bonds by the Durst Organization, a major funder of the Committee to Save New York. Thomas Montag, Bank of America’s president of global markets, sits on the board of the Partnership, and Douglas Durst sits on the board of REBNY.

REBNY board members are also involved in heavily-subsidized development projects such as the stadium deals for the Mets and Yankees and Brooklyn’s Atlantic Yards Development (Bruce Ratner’s Forest City Ratner, represented on REBNY’s board by Maryanne Gilmartin, is the developer behind Atlantic Yards).

Durst is big backer of Schneiderman.

Anonymous said...

The joke is on Peter Cooper Village Stuyvesant Town

Page 32 explains the joke when business groups act surprised and applaud each other for newly announced real estate decisions. Brookfield plays this scam often (see below).

Decisions and deals that are no surprise but they pretend to be heraing it for the first time. The different groups actually are on the same Committee To Save New York who made the deal years ago.

They pretend it is a decision just made by Cuomo, when truth is the Committee put it into play years prior.


That too was / is the plan for Peter Cooper Village Stuyvesant Town.

Steinberg is not waiting to hear. Garodnick is not advocating for residents. Hochul / Cuomo won't be hearing new proposals. Langone is not coming in on the tail end as a hero to the rescue. Brookfield did not disappear.

They may have to change the PR spin now that the beans were spilled on STR that the Committee To Save New York Scam includes the Tishman Brookfield deal.

A deal made long ago and all incumbents are in the know. That is why they are allowing illegal rent practices and illegal construction in PCVST.

"Real Estate Development: New Land for Speculation in Manhattan

In his 2012 State of the State address, Governor Cuomo announced plans to raze the
Jacob K. Javits Convention Center, opening up the land for private development. As
part of the plan, conventions would be moved to a proposed $4 billion convention
center and casino in Queens proposed by Genting, the Malaysian casino company.

Press reports have focused on Genting’s role in the deal, and the fact that it gave
heavily to the Committee to Save New York.

Press reports have failed to note that other prominent Committee backers pushed
for the Cuomo proposal to demolish Javits and replace it with private
real estate development.

Committee donors the Durst Organization and Brookfield Properties both retain seats on the board of the Regional Plan Association (RPA), which has long advocated for Javits to be torn down in order to open up the land it sits on for private development.

When Cuomo announced the plan for Javits, RPA lauded the move: Cuomo on Wednesday proposed redeveloping the Javits Convention Center site in Manhattan, bringing new momentum to an idea that has been a longstanding goal of Regional Plan Association.

The link for that article is even more explicit: “Cuomo backs RPA Proposal to Replace Javits.” Javits is currently halfway through a $390 million renovation plan
adopted in 2009.

Cuomo’s plan has been met with some opposition from hotel owners and convention-goers who do not want to make the trek to Queens.

Shortly after the announcement, Crain’s reported Douglas Durst, chairman of
Durst Organization, WOULD BE interested in the land opened up by the Javits
demolition: “It's a great location,” said Douglas Durst, chairman of the Durst
Organization, a prominent family development firm. “I'm sure my family
would be interested in it.”

The Javits demolition can be viewed in the context of a long series of West Side land use policies and projects designed to favor many of the same New York City real estate interests that back the Committee to Save New York.

It also points to the increasing privatization of public space in Manhattan"

Anonymous said...




Cuomo & Cronies Committee mapped out and divided among themselves the pieces of NYC they each will take over and remove whatever stands in their way by whatever means necessary, legal or illegal.

Good luck to all.



Anonymous said...

I would vote for John Gotti Jr before I would
vote for any of these goons ESPECIALLY Cuomo. Garodnick, Stringer are the Frick and Frack of Dirty Politics. Stringer is like a cartoon character and Garodnick is the
Uriah Heap of pols. No slimy and two-faced.
We have to make sure that none of them ever gets elected again for any office higher than rat catcher. Hopefully, Preet Bharara will take care of Cuomo.
When will Schumer and Hoylman wake
up to the fact that Nee York City is really
dying, not prospering? Someone on the TA fb page quite rightlly pointed out that we need hospitals, more firefighters and cops and better transportation.
This city is being murdered by the
Cult of Greed. It started with Bloomberg and the so-called representatives of the
People are continuing to worship at the altar of their gods Greed and Avarice.

Anonymous said...

Wow. Just wow.

Anonymous said...

Agree Cuomo Garodnick Stringer are the dirtiest con artists. Schneiderman is the same as Cuomo and Schumer is a big disappointment.

The 2010 Cuomo Committee To Save New York Scam is worse than Tammany Hall and Boss Tweed.

Anonymous said...

So Brookfield was a done deal in 2010, signed and sealed by Cuomo Robbie JP Morgan, the Committee To Save New York.

What a bunch of dirty liars.

Anonymous said...

October 6, 2015 at 10:00 PM

"I would vote for John Gotti Jr before I would
vote for any of these goons ESPECIALLY Cuomo. Garodnick, Stringer are the Frick and Frack of Dirty Politics"



Agree. Hoylman and Schneiderman too.

The five of them are willingly misusing the authority of their NY political offices for the Committee To Save New York business scams against citizens, robbing us of our businesses and our homes and everything that goes with it.

It takes all of them to pull off the Committee To Save New York Scams against citizens, especially the authority and power the office of Attorney General comes with.

Anonymous said...

It started with Bloomberg and the so-called representatives of the
People are continuing to worship at the altar of their gods Greed and Avarice.

No actually believe it or not it started with Koch who decided Manhattan should be for only the rich and poor...
even tho he kept his rent CONTROLLED 12 room apt downtown for himself of course

Anonymous said...

Cuomo steps in when it serves his billionaire backer hedge funds interests. Cuomo refuses to get involved when it serves the interest of the common good for all.

"...Gov. Cuomo and the Legislature stepped in to guarantee that charters would get public-school space or have their rent paid by taxpayers."

Billionaires taking over our children's school system and education will have the same bad result as them taking over our real estate, billionaires get huge profits and everything for free and tax free and subsidized while the 99% lose everything, our businesses and our houses. Without our businesses we are relegated and shackled to employment in the multinational corporations of the billionaires who steal our pensions.

Charter schools are good for the 1% bad for the 99%. They are just another way for the 1% to control our fate and destiny and our childrens.

http://nypost.com/2015/10/07/the-charter-school-tide-is-turning-and-de-blasio-may-be-left-behind/

Anonymous said...

Bottomline is our communities are unhealthy because the politicians are making us weak and sick with the laws and loopholes they write for their financial backers.

That is why the Dan Garodnick's say to us "wellll it is legal" when they massacre our Oval Tree Park.

Anonymous said...

"Never in history was there a more silent "Unity" of voice then when residents were duped into signing the Peter Cooper Village Stuyvesant Town Tenant Association unity pledge."

That stupid "Unity Pledge" isn't worth the paper it's written on. It is totally meaningless and was thought-up as a way to try to manipulate tenants, especially the older tenants. It is as worthless as it is ugly and amateurish and is in NO WAY enforceable at any level.

Anonymous said...

"That's right, Tishman Speyer incorporated the Committee To Save New York in late 2010."

That committee was incorporated to save New York for themselves! In reality, New York needs to be saved from predatory scum like TS. I really believe that Speyer and his ilk are sociopaths. They have no consciences, no empathy, no insight and are ruthless. We need to be saved from his kind.

Anonymous said...

October 7, 2015 at 2:39 PM

100% agree. Andrew Cuomo too, not a shred of honor or moral conscience. He was awful as attorney general, notoriously getting his friends off with a slap on the wrist and a few bucks.

Nothing will ever change unless we clean house of all the incumbents.
They make a mockery of the honorable offices they occupy.

Anonymous said...

@October 7, 2015 at 2:31 PM

"Never in history was there a more silent "Unity" of voice then when residents were duped into signing the Peter Cooper Village Stuyvesant Town Tenant Association unity pledge."

That stupid "Unity Pledge" isn't worth the paper it's written on. It is totally meaningless and was thought-up as a way to try to manipulate tenants, especially the older tenants. It is as worthless as it is ugly and amateurish and is in NO WAY enforceable at any level.

-----

If you didn't send a revocation of your executed "Unity Pledge" to the TA, with copies sent to Mayor Bill de Blasio (not his Goldman Sachs surrogate Alicia Glen), Senator Charles Schumer, Fannie/Freddie, N.Y.S. Attorney General Eric Schneiderman and U.S. Attorney Preet Bharara explaining why, then you have legally appointed and approved the Garodnick owned TA entering into formal business agreements with REBNY/Wall Street predators Brookfield (speyer), Moelis and Paul Weiss to represent you in Garodnick's phony "tenant led purchase" wherein you will be scammed out of your exclusive access to Fannie/Freddie purchase funding worth billions diverted by Garodnick and the TA to REBNY/Wall Street predators Brookfield (speyer)-Moelis-Paul Weiss inside the Trojan Horse that Garodnick and the TA claim is your "value sharing" white knight come to rescue you from REBNY/Wall Street predators).

Garodnick-TA leadership/representation will deliver NOTHING to their 20,000 PCVST neighbors/constituents.

Garodnick-TA conniving betrayal delivers EVERYTHING to REBNY/Wall Street predators owning them.

Revoke those pledges.

Anonymous said...

Are you serious about revoking the pledges?
I am asking a serious question. Can those pledges be revoked? I don't have a copy of the one I signed because I didn't take it very seriously at the time.

Anonymous said...

The pledged are not binding in any legal way.

Anonymous said...

"20,000 PCVST neighbors/constituents."

Decade check please. With the dormfication going at full blast, we have at least 35,000 living here, will reach 40,000 real soon if not already. CR inadvertently leaked a 30,000 occupant figure about 2 years ago. If you don't even know how many people live here, we should we trust you on your conspiracy theories? Remember, incompetence is not the same as conspiracy.

Anonymous said...

1:26 PM I don't know or care how many students there are here. I just know that there are too many and they have changed the quality of life and living standards of this place. I have nothing against students per se, but I pay enough rent to warrant a clean, safe and reasonably noise-free (as in no extraneous party whoopdi doo noise at all hours) environment where I can raise my children and enjoy a decent QOL. I do not want to live in a dorm. Students should live in dorms that are purpose-built to be dorms. They have no place in a residential apartment complex. Nobody would be happy if suddenly half of the units were turned over to homeless people with drug, alcohol and psychiatric problems. Why should we be happy that the property has been turned into a dorm? Either make it a 100% dorm or 100% a homeless shelter or 100% a residential family-friendly property. Don't skirt and flirt with all three categories because they do not mix well!

ps: DeBlasio, Cuomo, Garodnick, Stringer and Hoylman: be ready to look for new employment after the next election. Nobody could pay me enough to vote for any of you liars and losers for another term/ different office whatever the case may be.

Anonymous said...

1:26 PM: Incompetence is what CR specializes in. They do that very well.

Anonymous said...

We can't make it a ___ Only anything. Remember we are all PC Democrats here.

Anonymous said...

11.58, 1.26 here. My point was that this endless conspiracy theory of TA/CR/CWC/Brookfield acting together is rather ridiculous*; my point being that the TA was incompetent here by hitching to the condo conversion while the QOL issues were not prioritized. Again my point is that the number of occupants here is important since if one gets that number wrong*, then the conspiracy theories must be looked askance as well. Of course I agree that the dormfication here sucks, it destroys the QOL here. The new “studio” apartments are another slap to the face of what once a diversified community. But this is happening everywhere in Manhattan (REBNY)and the rest of NYC as well so we must face and alter the big picture as well.

"DeBlasio, Cuomo, Garodnick, Stringer and Hoylman: be ready to look for new employment after the next election."

Here's hoping you mean voting in a Dem. primary since the Republicans, as corporate shills, make the Dems look like amateurs and they believe in NO residential (or commercial)rent regulations. And sorry, de Blasio RGB % guidelines were:

•If you sign a one-year renewal on your lease between 10/1/2015 and 9/30/2016, your rent should not increase.
•If you sign a two-year renewal on your lease between 10/1/2015 and 9/30/2016, your rent should increase no more than 2%.

You think these de Blasio RGB guidelines were BS? Full disclosure, who have you been voting for these past 15 years?

2.40-"Incompetence is what CR specializes in. They do that very well."

That's a given.

*Plus the endless misinterpretation of rent stabilized versus non-rent stabilized. Until 6/2020 (Roberts Ruling), ALL apartments here, renovated and those not renovated, are under NYS RS law. In 6/2020, all renovated apartments here lose their NYS RS protections. That’s right, no rights for lease renewal, no subletting rights, no succession rights, etc. These are important rights no matter what the legal rent currently is.

Anonymous said...

Weird to go to a meeting to complain about the noise from other tenants when we're all tenants. A very big problem with out neighbors & their noise but they're awful and dangerous. Ya think they'll show up too? THIS has to be handled by fines. Call lawyers.

Anonymous said...

Property occupancy in August after the students move in is probably thousands upon thousands more than the month students move out even with the short term summer rentals. Fraud!

Anonymous said...

To the person who noted inspections same deal here. They only inspected rent stab. apts on my floor saying they were looking for peeling paint, checking fridges, ac's & smoke detectors. Same deal last yr. So yes, suspect fishing expedition.
Whereas I wish they would inspect for rugs.
Concerning heat, this has been going on for yrs. I've put in complaints to mgmt., inspectors come way after timing by then heat back on, called 311, zip. Each yr. heat off all day after about 10 a.m. and off again by 10 p.m. or earlier as a consistent pattern. Meanwhile I hear from building, not here, heat has been on and on during the day. Heat engineers here are proud of the new thermostat system put in here, I think they are out of wack maybe intentionally. Have given up & using space heater which helps some & super warm bathrobes. Think a systematic survey of this pattern would reveal overall issue.
Concerning porters: our wonderful porter who took pride in his job now looks dejected & has been shifted all over, now seems many dif. porters & building maintenance going down & looking dejected.

Anonymous said...

"They only inspected rent stab. apts "

Again, ALL apartments here are currently NYS RS. There are renovated apartments verus apartments that are not renovated. Again, as per the Roberts ruling, ALL renovated apartments here become unregulated and loose their NYS RS protections effective 6/2020. Re your post, "on my floor saying they were looking for peeling paint, checking fridges, ac's & smoke detectors" because almost every renovated apartment now has change in occupancy almost every year (dorm style churning) whereby these apartments are slightly renovated (new paint, new ACs if needed, etc.) and inspected once they are vacated for security deposit purposes. Good luck kiddies on getting that deposit back from this CR crowd. But since your parents paid, who cares.

The ignorance of current rent regulations and the acceptance of a highly sophisticated TA/CR/REBNY conspiracy theory (instead of just basic TA incompetence-condo conversion trap)by long term tenants on this blog (full disclosure, I’m one myself) is astounding.