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Friday, October 23, 2015

Garodnick's View

http://www.gothamgazette.com/index.php/opinion/5947-the-future-of-stuyvesant-town-a-peter-cooper-village-garodnick

Most of this is puffery with the main points of interest for us being:

"As part of the negotiations with the tenants and Mayor de Blasio, Blackstone has committed to preserving 5,000 rent-stabilized units for the next generation of middle-class residents. Under this deal, tenants who are currently in rent-stabilized units will be protected by rent-stabilization laws for as long as they reside in their apartment, and they are further protected by the City's agreement, which restricts the rent that can be charged on 5,000 units for the next 20-25 years, giving the new owner little incentive to turn over the units. And that timeframe could be extended down the line (as has happened many times in Stuyvesant Town and Peter Cooper since the early 1970s), with new agreements between the owners and the City or State."

Okay, we already know that rent-stabilization laws will protect rent-stabilized units, so the only "big deal" here seems to be a cap on the amount of rent that can be charged for these units--$3,200. I would assume that currently there are no such RS older apartments remotely close to that rent, and that most are in the 2K range and lower. RS protections in place already will save these apartments from excessive rents, unless, of course, RS protections evaporate or are lessened considerably, a near impossibility given the backlash that would occur from NYC tenants in general. I completely disregard, as we all should, the possibility of "new agreements between the owners and the City or State." Don't put into the bank what is not in your hand. I suspect we will be hearing quite a bit of such tenant friendly possibilities from those who are pushing the Blackstone deal.
 
"Blackstone has also agreed to cap rent increases on about 1,400 tenants affected by the Roberts case, whose below-market-rate units could have been immediately brought to the market when the J-51 property tax abatement expires in 2020."

Not sure what is being presented here. It seems as if the cap on rent for the Roberts case tenants comes into play in 2020 and then at 5%, which seems to me too high considering what these tenants are paying now and will be paying as the years go by. Does any rent cap exist for these tenants now and for the next 5 years? If not, it's going to be open season on these tenants for them to pay the "base rent" of their units rather than the "preferential rent" they may have been paying.

10 comments:

Anonymous said...

EVERYONE, PLEASE GO TO PVCST TA WEBSITE AND LOOK AT THIS NEW MCI WE ARE GETTING HIT WITH.

Stuy Town Reporter said...

You can bet all the money you have that MCIs will continue!

Anonymous said...

Like death and taxes.

Anonymous said...

This MCI says COMPLEX WIDE.

Anonymous said...

Governor Cuomo, AG Schneiderman, Dan Garodnick, Brad Hoylman, Brian Kavanagh, Scott Stringer, Meredith Kane, Susan Steinberg, John Marsh, Tim Collins, Andrew Macarthur, Al Doyle Moelis Paul Weiss Rifkind hit us with fraudulent MCI college campus security system.

They will keep hitting us with MCI charges until we crumble.

Or we can stand up for ourselves

Class action lawsuits on any of the numerous fraudulent and discriminating MCI practices, renovation charges, etc.

Anonymous said...

Posted elsewhere, but applicable here.

Conflicted, double talking Dan lying out of both sides of his mouth is purposefully deceitful.

Bloomberg Business - October 17, 2015
http://www.bloomberg.com/news/articles/2015-10-17/nyc-s-stuyvesant-town-said-for-sale-with-blackstone-weighing-bid
“The tenants are going to insist that the owners work directly with them and with the city to develop a responsible plan to protect the long-term affordability of the place,” City Councilman Dan Garodnick, a lifelong resident of Stuyvesant Town-Peter Cooper Village, said in an interview this week.”

Town & Village Blog - October 21, 2015
http://town-village.com/2015/10/21/stuy-town-sold-for-5-3b-to-blackstone/
“Council Member Dan Garodnick, who, along with the Tenants Association and the mayor, was very involved in the negotiations, echoed the sentiment. He also told T&V that while the current plan didn’t include a conversion, Blackstone has said it would be open to the idea.”

-----

10/17 - Mayor de Blasio hands PCVST to Blackstone claiming he preserved PCVST affordability for 5,000 theoretical tenants that don't exist. Dan is uninformed and out of the loop. As always, Dan pretends to insist PCVST tenants have active input when he never intended for PCVST tenants to have active input.

10/21 - Dan was very involved in negotiations that deliver NOTHING for his living, breathing PCVST neighbors/constituents and NOTHING for his corporate owner, major REBNY predator Brookfield.

These past few days Dan was caught lying to everyone all the time.

Anonymous said...

I have lived here for 25 years, and I have never seen this many MCI's in my lifetime here. The TA has to investigate these fraudulent charges. They will "repair" anything to attach these PERMENANT charges. THIS IS NOT FAIR! SOMEBODY PLEASE HELP US! My salary cannot keep up with this anymore!

Anonymous said...

If De Blasio wanted to do right by the tenants he he and Alicia Glen would have done a co-op Penn South arrangement and had NYC investing in NYC and New Yorkers instead of a Wall Street Big RE make the rich even richer at the expense of working class.

Brookfield and Blackstone are hoarding and heading the world closer in absolute inequality and towards the next crash.

This substitution of Blackstone for Brookfield is a sham and a game to them.



http://www.ai-cio.com/channel/Manager-Selection/Blackstone-Loses-Crown-as-World-s-Largest-Real-Estate-Manager/


Headlines June 02, 2015
Blackstone Loses Crown as World’s Largest Real Estate Manager

As in other alts sectors, the big are getting bigger in real estate.

Brookfield Asset Management has edged out Blackstone to become the world’s largest real estate manager with $113 billion under management, according to a combined industry group survey.

The two property giants have passed the crown several times, with Blackstone in first place at the close of 2013 and Brookfield winning the year prior.

Total real estate assets held by fund managers hit just shy of $2 trillion as of December 31, 2014, according to data compiled by INREV, the European Association for Investors in Non-Listed Real Estate Vehicles.

Anonymous said...

11:27 AM, I don't think the TA will help you or anybody else. They are too busy kissing Garodnick's ass. They don't care about us at all. I suspect that Susan Steinberg is hoping for some important, high paid position in the Garodnick Administration (god forbid that should happen) even though she's an old woman. The only people who belong to the TA who care about residents are those who do the grunt work, handing out posters, being building captains, etc. The TA board is in bed with the politicians and the landlord and do not care in the slightest what happens to us. They are in bed with the enemy and we're the ones getting fucked!

Anonymous said...

What tenants did they negotiate with?