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Management has two priorities: 1) Making sure money is made, hence upgrading and filling up apartments is their goal. "Amenities" are important in selling the place, though few residents use them. 2) If someone needs medical attention, Public Safety will be there, if alerted.

Quality of life issues are not that important, however. Things like the carpet rule or outsider dogs. These "rules" tend to be ignored, on purpose it seems. So you will see a lot that isn't taken care of properly, and complaints will be met with a creative excuse and a smile.

"Peace and quiet" must be a cruel joke, though this property is sold that way. There can be no peace and quiet as ALL apartments must be upgraded, which includes the installation of an AC unit below the window. Aside from the continual construction about the neighborhood, there is a new and noisy subway extension being built along East 14 st and the shut down of the L line. "Choosing" to live in NYC, now the newest mantra, is a fabrication when the talk is of ST and PCV, which was traditionally quiet, with no construction noise.

Though money was always important, it is now more important than ever. Money rules many things, as you will find.

At this point, 30 years into living here and seeing many things, I can state that Management and their reps are BS-ing us. I can't say that loudly enough: We are being BS-ed. I don't see any genuine change, though the "selling" of this place is intense. Few of the "rules" will be enforced, as Management doesn't want to lose customers or potential customers. Where personal integrity is a hallmark of an excellent management style, this integrity is not seen in enforcing some of the rules.

About those "club cars" we see going this way and that way, and outside of Stuy Town or Peter Cooper Village:

Meanwhile: Freedom of Information:

Wednesday, October 28, 2015

Freddie Mac - Fannie Mae Still Not In on the Deal?

Unless the article is faulty, the sale of STPCV looks like a familiar mess.

More on the still unresolved financial issues:


Anonymous said...

Anonymous said...

As I read the first article I again am moved to thank the Roberts tenants particularly the ones who filed the lawsuit. You helped a lot of people. You got the short end of the stick on your hard-work well earned victory.

Shame on the investors who put their money into a plan to kick hard working families out of their homes! Those who controlled the funds that invested are unethical, immoral and the only reason they are not behind bars is because the politicians back the investors and not the families.

Bonds backing the deal flew off the shelves, but came back to bite just three years later when the trade became the biggest CMBS default in history.

CMBS investors who bought Stuyvesant Town-backed bonds were told to expect the property's value to rise to US$6.9bn in four years, according to loan documents.

But the borrowers' intentions to hike rates, cover their monthly CMBS mortgage payments and turn a profit backfired.

Anonymous said...

no matter how this comes down...if indeed it does happen...there's only one way this deal can work for investors. past 2020 blackstone has to proceed aggressively which means the MRs will have to go.
eventually there may have to be a conversion. with a conversion the numbers can work.
i still expect lawsuits. is there an update from the mezzanine debt holder case?

Anonymous said...

"Wells Fargo is taking the lead on roughly $2.5 billion in debt financing to Blackstone Group and Ivanhoe Cambridge for their joint purchase of Stuyvesant Town-Peter Cooper Village, two people familiar with the deal told Commercial Observer.

Blackstone and Ivanhoe signed a contract to acquire the 110-building, 11,232-unit multifamily complex from special servicer CWCapital Asset Management for $5.3 billion on Oct. 20.

The financing, which will carry a roughly 50 percent loan-to-value ratio, will likely be provided through agency debt from Fannie Mae or Freddie Mac, if not both, the sources said on the condition of anonymity."

Anonymous said...

Oh no, let's hope Wells Fargo does not finance PCV ST!

We have no protections thanks to politicians protecting Wall Street and REBNY who will do anything to protect their financial masters. Anything!

We will go the way of the trees, massacred.

Anonymous said...

Not sure the MR have to go... does anyone account for the fact that...

loss of one month of rent each time move out occurs.

promo of one month free, get your friend some money...... costs BR

painting, updating of floors, cleaning, costs BR

Since these units are already at top of market price, vacating tenant not such a windfall now...


Anonymous said...

the current and present tenants saying market rate get no security, no rs?

Anonymous said...

How did the Roberts help a lot of people? Not helped me at all. I'm a Roberts tenant

Anonymous said...

STR, I hope that one day you will have something cheerful to post on this blog! It's all gloom and doom!

Anonymous said...

"The big talk on Stuyvesant Town has been what kind of fees CW Capital will take from the sale," one investor said. "They have been dragging their heels on selling."

My understanding is that their fees amount to over $1B, which is based on my remembering what Dan G said a few meetings back. And that had we gone to bankruptcy court, a judge would have laughed CWCap's added-on fees away. That is what Fannie and Freddie would be covering.

The two government-backed housing giants also told IFR that their participation in any financing would hinge on affordability. "We would consider participating in any refinancing of (the property) that has the support of the city and the tenants and that preserves affordability at the property," a Freddie spokesperson said.

Uh oh.

Anonymous said...

Making certain the banks do whatever they want to do.

Anonymous said...

The Roberts settlement helped a lot of people outside of PCVST. It helped nobody in PCVST. They knew they were increasing the rent roll to inflate the purchase rice of PCVST so they stole our Roberts victory in a sham settlement.

Cuomo et al obstructed us from justice even when the ruling was favorable.

Anonymous said...

A Garden, a Tree Park, An Entire Community

...harassment and fraud that have come to define the real-estate market.

Because REBNY owns the top office of law enforcement in Albany, New York.

 In 2014, there was $26.1 billion in new construction in New York City, up 31 percent from the year before. In Brooklyn, the hottest section of the market, sale prices are up 18 percent from July of last year. Throw a rock in the borough and you’ll hit a construction site.

Gardens are particularly attractive targets for developers because they are, essentially, construction-ready addresses that don’t require the messy business of moving people out of their home. Even more to the point, their unique political roots make them vulnerable to the harassment and fraud that have come to define the real-estate market.

 "The guys we’re dealing with have a history, and they have perfected the method of manipulating every flaw and weakness and inefficiency within the city’s bureaucracy.”

These manipulations of the system have come to feel inevitable in any booming real-estate market—a gold rush creates chaos, and chaos creates opportunity. But they are no longer mere quirks of the market; they are, increasingly, its defining characteristics. High points in our country’s housing economy are routinely marked by endemic harassment and fraud, often in the poorest neighborhoods."

 Much like the housing bubble that sparked the Great Recession, the Brooklyn real-estate market is rife with crime, as developers at all levels snatch at quick profits in once-poor neighborhoods. Deed fraud—in which someone fakes documents to illegally claim ownership of a property—is one of the most acute problems.

Anonymous said...

Cuomo called himself an "unscrupulous operator" and the international world knows

"It’s particularly tacky when Attorney General Andrew Cuomo was so tough on scalpers. Back in 2010, he went after folks who sat in line for free Shakespeare In The Park tickets, then resold them on Craigslist. Under Cuomo’s prodding, the site agreed to ban such ads.

And that was to stop some low-level types from earning a few extra bucks.

Now Cuomo is scalping to let a few fat-wallet friends catch the game with him and help out with his next re-election.

A sad showing indeed for a lad from Queens. "

Go Mets! Go away Cuomo!

Anonymous said...

I wonder if they will hire a new management company? Who will it be?

Anonymous said...

They will make more money on emptying out the market rate apartments and running an extended long term stay business.

Anonymous said...

Brookfield sold Manhattan West to Qatar

NYC is generic Dubai nice photo

Anonymous said...

Cuomo, Schneiderman, Garodnick / Marsh, Stringer, Doyle, Brewer, Hoylman and his biggest fan Steinberg gave Peter Cooper Village Stuyvesant town to REBNY.

Cuomo's number two guy, Blackstone Bill Mulrow replaced Larry Schwartz aka the guy who rigged the Moreland Commission

They are rigging everything, commissions, courts, ethics committees.

There is nowhere for tenants to go to protect themselves from these incumbent fraudsters.

Stuy Town Reporter said...

>>I wonder if they will hire a new management company? Who will it be?<<

They will have to, I think. Do I see a rose in our future?

Stuy Town Reporter said...

>>STR, I hope that one day you will have something cheerful to post on this blog! It's all gloom and doom!<<

Well, the holidays are coming up.... Perhaps a Bing Crosby YouTube clip?

Anonymous said...

What is to stop Blackstone from continuing to turn over 300 or more RS apartments a year as CW has been doing? Sure they can not make them market rate but, they can more than double the rent when placed in the housing lottery, plus they do not have to spend any money renovating non renovated apartments that are staying RS to new tenants who win the lottery, It is a win win for Blackstone, what landlord would not like to double the rent.

Anonymous said...

Yes it is sad that it is all doom and gloom but the blog is about the
Truth of what happens here. Truth is, what is happening is pretty bad.

Anonymous said...

The bad news in a funny way by the ever great George Carlin

Anonymous said...

"When the mayor says, 'I want to build 200,000 units of affordable housing,' the first question we gotta ask is, 'Affordable to who?'" Barron said, referring to the mayor's goal of creating and preserving 200,000 units by 2024.

Anonymous said...

The market simply will not take anymore big raises on the market rate apartments, anyone wiling to pay more would insist on a doorman building, terrace, pool etc, this complex, as anyone knows who looks at it is not luxury living.
The only room the new landlord has to raise rents is on the 5,000 RS apartments it says it has put aside. Does anyone really think that a huge conglomarate that is prepared to pay over $5Billion for a residential complex will run it like a charity?

Anonymous said...

"... they [Blackstone] do not have to spend any money renovating non renovated apartments that are staying RS to new tenants who win the lottery"


What makes you think affordable lottery winners will be protected by RS legislation?

Mayor de Blasio has created a new category of unique, lottery winning, means tested PCVST tenants guaranteed to become extinct 2035 whether RS legislation survives or not. If anything, current RS renewal and succession rights alone provide incentive for Blackstone to boot out and replace vacating RS with soon to be extinct PCVST lottery winners. That incentive will only grow stronger as 2035 approaches.

Anonymous said...

The Market Raters are unbelievable! The TA Board (Marsh, Steinberg, Doyle, Salacan) wanted new stabilizers, new tenants, so they helped along the RE plans these past years.
They boasted their New Stabilizers! as the new generation of PCVST.

Those new stabilizers took advantage of the first 6000 RS getting kicked out of their homes on trumped up reasons from CompassRock and now the New Stabilizers aka market raters are demanding to move into the remaining 5000 in the lottery!

With the TA Board supporting new stabilizers and Salacan leading the way in trumped up charges of illegal hotels (while allowing thousands of dorms) the TA Board are STILL pitting tenants against tenants and the market raters will not be happy until they kick out the remaining 5000 RS and move into the remaining 5000 apartments at the $3200 rent -- which would make Blackstone happy to rid of the RS and increase those apartments to $3200!

The TA Board is disastrous!

Anonymous said...

Brookfield's new towers will be right across the river from us, ruining the now open air, sunny streets of Williamsburg. For anyone who has taken the L train one stop to Williamsburg for a nice afternoon evening of real artisan goods and craft beers in a civilized atmosphere - say goodbye to the good ole days and the sunshine and sunsets.

The views and sky and river will be blocked by Toxic Towering Crimes Against Communities.


Unsurprisingly, these crimes against humanity are also architecturally horrendous too.

Mark D FredFreddy •

What, you don't like the "caged animal" look?

Elegant Young Gentleman FredFreddy

I agree. People say that it would be impossible to recreate architecture similar to the old building nowadays. I don't find the to be true taking into account the number of advertisements I have seen for buildings going up in Carnegie Hill and Lenox Hill on the UES.

The new buildings blend right in with the stately old buildings from the 1920s.

Which begs the question - why is De Blasio allowing more of the Bloomberg Stringer Maloney Hoylman save and preserve the old money UES (Upper East Side) architecture from the addition of these cheap generic towers while cleansing downtown boroughs to make way for the new money towers?

Anonymous said...

Yes as reported by commentators here there was a drone flown around Stuy Town by RE for the private sale (and don't be naive -- they use the drone to spy on tenants too!)

Instead of launching an open bidding process, Harmon pursued an off-market sale. He sent a video showing aerial drone footage of the complex to a handful of potential buyers. - See more at:

Nice going Garodnick - all your yada yada yada about drones and not one mention of its use in your community and against your community! That RE drone looked in our windows - make no mistake about it.

Write a damn law NOW about the use of drones nu landlords and RE!

Anonymous said...

Here is how they kept the deal secret from the tenants

The drone captured footage was sent in an email.

Attached to the email, sources said, was a “trap” to ensure no one was messing around: In order to review the property’s financials, potential buyers had to sign a confidentiality agreement and put down a $10 million deposit. - See more at:

Anonymous said...

Andrew MacArthur was allowed to fly a drone around PCVST "for the sale" and other secret uses. That drone was used a lot.

Anonymous said...

RS Be Ready and Prepared. They want you out too!

Blackstone wants a lot fewer RS apartments. They will no doubt push out RS to at least get themselves to the $3200 per apartment and no doubt have trojan horse allies market renters who have been instrumental in pushing out RS lined up willing to do anything for a $3200 RS apartment.

"From the start, it was clear that any deal would hinge on the buyers committing to keep a fixed number of apartments affordable. According to several sources, Blackstone first proposed a number far lower than the 5,000 ultimately agreed on. “We had some delta,” Glen said. “It was substantial enough that we were all here on Columbus Day having a pretty serious talk.” Blackstone declined to comment on the negotiations."

- See more at:

Anonymous said...

Basically Blackstone is making money off of our true middle working class pensions while making money off of our middle working class homes after making a fortune entirely wiping out middle working class with foreclosures of other people's homes.

That is one helluva business model allowed to operate on Obama's watch who campaigned on Hope and Change. It is more of the same Bush Clinton Bush era.

Anonymous said...

Be careful of slippery spin

"But the goodwill for Blackstone also stems from the firm’s careful PR strategy. From the moment the deal was announced, it portrayed itself as a concerned landlord, willing to listen to tenants and work for the public good. That strategy was on full display at a tenants’ assembly the Saturday after the deal was signed."
- See more at:

Anonymous said...

Drones! MacArthur and Knapp are creeps.

Anonymous said...

I would unite with and help the market rate tenants in a heartbeat if they were trying to get their rents rolled back to legal amounts, but their latest effort after failing in their Tishman-Speyer like takeover of the first 6000 apartments and the unfair MCI break they quietly accepted giving RS a larger portion along with the current effort to takeover the remaining 5000 is not something any sane RS tenant would participate in.

Anonymous said...

9 55 am. you betcha. All fake liars - we should revolt against this.

Anonymous said...

The MR in the apartment above us harass the older RS tenants on their floor all the time. The MR want the RS's apartments and Blackstone would love to get the $3200. This is a really bad situation they created. The MR are pretty heartless in what they do and they talk about it to the whole building.