And remember, this was back years ago, before Tishman-Speyer bought the property! Matters have progressed far more to tenants' detriment.
"We believe ongoing deregulation will continue to allow new ownership to fully leverage the unparalleled competitive advantages of the Complex and take advantage of the soaring rental market."
"Over $320 million in capital improvements and apartment renovations since 2002 have reinvigorated and refined the image of the Complex."
"New ownership has infinite opportunities to personalize, improve and transform the Complex into the city's most prominent market rate master community." (Emphasis mine.)
"Building upon the Complex's unmatched name recognition, the PCV/ST 'brand' is being gradually transformed into Manhattan's most desirable market rate master community. The City's dramatically appreciating residential rental market is aiding in this transition, as is the comprehensive capital improvement plan undertaken by current ownership. New owners will have the unique opportunity to put their personal stamp on the City's largest and most famous apartment complex, utilizing a variety of creative strategies to maximize investment returns."
After you read this, you will understand that the downfall of STPCV started with Met Life. Tishman-Speyer just picked up the ball and ran with it big time.
This will make it plain that NO ONE who purchases this property is interested in long-term rent affordability for people of moderate means.
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