Our landlord, BLACKSTONE, can't handle Stuy Town and Peter Cooper Village. There is a lack of enforcement of certain "rules," and no amount of notice to this alleviates the problems. We are continually being told half-truths and fabrications. And we have no viable Tenants organization, despite our TA asking for dues all the time. So far, the politicians have proven to be basically useless. A typical New York story.
Tuesday, December 29, 2015
CompassRock Still Running this Place?
"...the best possible service to our residents..."
If this filth isn't ousted, then we may as well be owned by CW. CR is making money for CW by being in charge here, so there must be some arrangement with Blackstone. It's just the same old same old. And all those fucking politicians and TA people congratulating themselves and each other. They must think we are as stupid and gullible as they are corrupt and morally bankrupt.
1:15 That means Rob Speyer and the plan laid out by the committee to Save New York that is being carried out by the Partnership for New York is still running this place. Tishman never left. Yes they not only think we are stupid, they think they are the only smart people walking the planet. The best and brightest 100. The only stupid thing we ever did was to place trust in a TA and the Politicians currently holding public office.
Compass Rock is still listed at the top of the rent invoice. Blackstone was not forthcoming when they said that they would change management. I can't believe how the TA and the politicians pushed this lousy deal on us.
Yup. Means CW is still running the property. Their construction credential is the disastrous bunker and their experience in student housing is Stuyvesant Town.
Everyone should deduct the campus security mci from their rent, deduct the total amount paid on security mci to date on their next rent bill and tell the CW TA team to take their "negotiations" and shove it.
David Sorise - Chief Operating Officer
David Sorise serves as Chief Operating Officer for CompassRock and is one of the founding members of the company. Mr. Sorise, who is based in New York City, is responsible for operations in the entire North East region.
Mr. Sorise is currently overseeing 13,000 apartments in New York City alone for institutional clients including CW Capital Asset Management, LNR Partners, C‐III, TIAA‐CREF and KeyBank. Prior to joining CompassRock, Mr. Sorise was the Vice President of Operations for Laramar Communities’ Northeast portfolio. He was responsible for property operations, receiverships, construction management, due diligence projects and consulting engagements in the New York City, Philadelphia, and Boston Metro markets. Mr. Sorise was also Vice President of Operations for The Dermot Company where he was responsible for overseeing a $1 billion portfolio of NYC institutional multi‐family buildings for Principal Global Investors, Henderson Global Investors and the AFL CIO Building Investment Trust.
Mr. Sorise holds a BA in Economics from Williams College. Mr. Sorise is also a member of the Real Estate Board of New York (REBNY), Rent Stabilization Association (RSA), a New York State Licensed Real Estate Broker and a New York State Court of Administration approved Receiver and Property Manager.
Anyone who thinks that our new overseers will be any different than Tishman-Speyer, Compass Cock, CW Cap or any other of the reprobates is a FOOL. They are not tenant friendly. They are money friendly. They worship at the Temple of Mammon. Bring on the bros, the noise, the carpetless clomping at 3:00AM, the dog shit in the elevators and hallways, the weed permeating throughout the halls and...who can forget...the ear-splitting Oval "concerts" summertime famous for waking the dead. I can't hardly wait...lol Happy New Year to all and again God Bless STR. You are TRULY a hero.
So, we have been lied to. Blackstone hasn't owned the property five minutes and already they have lied to us. Barefaced fucking lying bastards. However, their reputation precedes them so we shouldn't be surprised that they are barefaced fucking lying bastards.
The way I see it right now, Blackstone/Ivanhoe owns the property, but CompassRock is still the management, and CompassRock is owned by CWCapital. The owner has changed, but that's it. January will be a month that will tell us much more, as that is when Blackstone will be revealing any changes and answering the issues raised by tenants in The Survey.
If that's the status that will remain, CWCapital made out quite well, because not only does it get a percentage of the money from the sale, but it still keeps its hands in the cookie jar via CompassRock.
Who is Compass Rock? How long has the company existed? Wasn't it created by a guy with a shady past? Didn't someone comment on them a while ago with who these people are behind this company and where they came from? Anyone remember any of this?
Relax people, once Dan Garodnick and the TA gets wind that CR is still running this place heads will roll: Blackstone heads that is. They will learn quickly not to step out of line around here and take the tenants here for granted.
thx December 29, 2015 at 4:31 PM STR Thought that was the case. Their website is deceiving. Makes them look like they have been around a very long time with lots of experience when really their only experience is their big failures on quality of life in Peter Cooper Village ST. As for their brag of Student Life, the crimes under their time here would seriously dispute their ability.
Can't wait to see how Blackstone justifies the continued presence of Compass Rock as manager of the properties and how they intend to deal with dormification. What a crock.
More of the same. Politicians do not care about us or anyone other then themselves.
None of them wanted the publicity of wiping out the entire populations of 30,000 working class citizens on their watch. Everything they do is for themselves and their benefactors.
Blackstone is a big client for Berlin Rosen who will do whatever Blackstone tells Berlin Rosen to do and Berlin Rosen controls the TA and has them push Berlin Rosen clients crap on us. The TA pushes Barclays Center tickets for Berlin Rosen (Barclays is faltering, they got Huey Lewis and the News and Jimmy buffet for New Years). The TA will push Blackstone's agenda for Berlin Rosen too. Something is not right between Berlin Rosen Blackstone and Steinberg Hoylman. Hoylman as someone pointed out earlier, Hoylman and Roberta Kaplan (PCVST Paul Weiss Golub Lawyer for the landlord) are with Steinberg. Steinberg and Hoylman are too close for comfort for Steinberg to be a tenant advocate. Steinberg and Hoylman and Schneiderman are involved in the hundreds of harassing, false golubs. Who are the two old ladies mentioned above? The New York Times did a piece last year on how the Attorney Generals Offices are compromised by big money. That subpoena for Paul Weiss that Eric T Schneiderman did for Roberta Kaplan is suspicious. Something is not right there.
So Compass Rock has no other clients really and no history really. Peter Cooper Village Stuyvesant Town is financing it's existence. Without Peter Cooper Village Stuyvesant Town, Compass Rock could not and would not exist. It can't exist without us.
"Steinberg and Hoylman are too close for comfort for Steinberg to be a tenant advocate. Steinberg and Hoylman and Schneiderman are involved in the hundreds of harassing, false golubs. "
Again with the conspiracy BS with zero proof. Like most conspiracy nuts (birthers, truthers, etc.), you intermingle facts with this aluminum foil hat crap to connect the dots. STR, I know this is your blog but please, stop posting this junk, we have enough real issues with the TA and our local pols.
You are both right. Riverton is very small and could not keep Compass Rock afloat in business. Riverton is 1200 apartments and 7 buildings. They only had Riverton since 2013 and it is the same deal from Rose to Compass Rock and a mortgage that a RE company was allowed to walk away from unscathed after they failed at their try to evict half tenants from their homes, but succeeded in leaving tenants in the lurch. Same deal as Tishman when they decided not to pay their mortgage anymore and Albany said that's ok, you don't have to pay your mortgage anymore Robbie. Without StuyTown, which is over half or even over 75% of their business, Compass Rock would collapse.
Wikipedia The project was proposed by the Metropolitan Life Insurance Company in 1944,[1] and largely served an African American population,[2] in contrast to Met Life's Parkchester in the Bronx (1940), Peter Cooper Village—Stuyvesant Town in Manhattan, Park La Brea in Los Angeles, Parkmerced in San Francisco, and Parkfairfax in Virginia, which were restricted to a whites-only tenancy at the time of their construction.[3] The development consists of seven 13-story buildings situated on a 12-acre (49,000 m2) site located between 135th Street and 138th Street, and Fifth Avenue and the Harlem River. Some of the units on upper floors had views into the Polo Grounds.
In August 2008, Laurence Gluck's Stellar Management LLC notified its mortgage servicer that it anticipated defaulting on the property's $225 million mortgage within a month, since it was unable to convert half of the property's 1,230 rent-stabilized apartments to market rate; Stellar had owned the property from 2005.[4] CWCapital won control of the complex in an auction held March 11, 2010,[5] and began operating it through Rose Associates Inc. As of mid-2013, Riverton Houses was managed by CompassRock Real Estate.[6][7]
>>Again with the conspiracy BS with zero proof. Like most conspiracy nuts (birthers, truthers, etc.), you intermingle facts with this aluminum foil hat crap to connect the dots. STR, I know this is your blog but please, stop posting this junk, we have enough real issues with the TA and our local pols.<<
I have two problems: 1) I don't get to see the entire post (if its long) before I can approve its passage, and 2) time is not on my side, as I have little time to actively read and think over posts before they get approved. Generally I rely on posts to challenge what someone states, if they feel that a post lack credibility. Having said that, I'm not a fan of this TA conspiracy theory.
I see both sides. To clear it up the TA could come forward and explain themselves. If it is a conspiracy or if it is a theory, both sides seem plausible.
The commenters already posted the link to the Airbnb subpoena information done by the Attorney General for Paul Weiss and we all know Paul Weiss is the Law Firm for the TA during that time. Maybe the TA should make a statement of about their work with Paul Weiss on the vigilante illegal hotel effort the TA board is running by Ms Salacan. They have been running it since their article in the NY Times, they could also post results of this work on the TA website.
How many illegal hotels have their sleuths as Ms Salacan and their Law Firm Paul Weiss caught and what was the result?
Can they use the same technique on the dorms to catch the unrelated overoccupancy, a subpoena to Compass Rock on the leases of reported dorm apartments?
Whether a theory or a conspiracy, the work with Paul Weiss needs explanation from the TA Board. It is their Law Firm.
I agree with STR and 9:35. There are so many factual things that we can and should be upset with the TA about. We don't need assumptions and conspiracy theories on top of that.
Just a few comments, if you want to be taken seriously, spelling counts! There are only so many companies in existence to manage a complex this size, i.e. Rose Associates. Unless of course you are in the position to hire yourself. If it's just about money, the Compass Rock has demonstrated their value.
Read your last sentence Tommyboy. You criticize others but then can't even write correctly. The Compass Rock?? Actually your first sentence is grammatically incorrect also. Just saying.
As a tenant I am always skeptical of owners' motives for what they do (or don't do). But Blackstone should be afforded some time here. (1) This is a large asset and there are very few 3rd party entities that can operate this. (2) There wasn't much time between being identified as purchaser and actually 'taking the keys' for Blackstone to identify a new property manager. (3) Often times, at purchase/sale there are incomplete capital projects that may be best served by allowing the current manager to complete the tasks (then change to new mgmt).(4) Blackstone may be using this period to assess multiple levels of on-site management personnel in the hopes of retaining some of the better persons.
BUT... I would not bet against Blackstone 'buying' Compass Rock's STPCV operations, Compass Rock buying another multifamily property mgmt firm or Blackstone creating a newly formed management company to operate these assets (as well as other Blackstone assets).
Yup, CompassRock (a creation of our then-owner CWCrapital) was still a startup when it took over managing the property from Rose, one of the most experienced managers of residential real estate in NYC.
STR - Regarding conspiracy theories. I agree with you that you shouldn't censor and hope you continue to chime in when obviously tinfoil theories like December 29, 2015 at 7:09 PM show up in the comments.
Campus Crock needs to go. It is an inferior, dishonest and incompetent organization. If necessary, we should withhold from our rent sums we have to fork out to get real professionals to take care of serious maintenance and plumbing problems. This is the "management" that brought us bedbugs, dog shit in the elevators, student puke and piss all over the place. They are incompetent, sleazy grifters.
I think that Blackstone should issue a statement clarifying whether or not the despicable Compass Rock is continuing to "manage" the property, or if they are going to get a decent management company to do the job.
Campus Crock needs to go. It is an inferior, dishonest and incompetent organization. If necessary, we should withhold from our rent sums we have to fork out to get real professionals to take care of serious maintenance and plumbing problems. This is the "management" that brought us bedbugs, dog shit in the elevators, student puke and piss all over the place. They are incompetent, sleazy grifters.
December 30, 2015 at 9:25 PM
If necessary, we should withhold from our rent sums we have to fork out to get real professionals to take care of serious maintenance and plumbing problems. This is the "management" that brought us bedbugs, dog shit in the elevators, student puke and piss all over the place.
If necessary, we should withhold from our rent sums we have to fork out to get real professionals to take care of serious maintenance and plumbing problems. This is the "management" that brought us bedbugs, dog shit in the elevators, student puke and piss all over the place.
Having worked for some of the top Property Management/Real Estate companies in the city/world, I could not agree more about what people are saying about Compass Rock. CW Capital created Compass Rock, therefore a minimal (if any) management fee was established to run PCVST.
Now, as a lower tier Property Management company, Compass Rock is probably charging Blackstone less then a more experienced Property Management company would, which means more $ for Blackstone.
Just opened the end of the year post from the TA. They are still crowing about the benefits of the Blackstone deal. Unbelievable. They keep mentioning saving 5,000 apartments but neglect to mention the other 6,000 and of course they do not address the continued malevolent presence of Compass Crock.
Good news, I just got an email from the TA. They intend to "keep fighting for tenants" in the new year. Can the affordable condo conversion be far behind?
The TA "keep fighting" is for their agenda and not tenants. They never fought for tenants, never fought the chopping and churning and construction. They are fighting against renters and for buyers to get to the 85%.
If anyone thinks the remaining 5000 rent stabilized apartments and roughly 12,000 people living in them are safe they are not. They want to raise the rent to the $3200 calculated rent roll, that is why that clause is in their agreement. They crunched the property numbers and decided they are ok with the remaining 5000 apartments raised to $3200 and it gives them a way to make the market-rate tenants happy by moving them into the capped apartments. It is a shrewd callous calculated move on their part.
The mention in the Blackstone clause about hotels is deliberate too. The plan is a way for the likes of the hotel industry as Hilton to compete with the new tech business model introduced in 2008 with Airbnb. The "30 day "law they passed in 2010 is to block people from using Airbnb while keeping on track to churn apartments with 9 month leases of rent stabilized apartments to students. It is all about evicting renters and moving in potential buyers aka "new stabilizers". Eventually the property would be the market rate who buy their apartments, the "luxury time share buyers" and the NYU Langone Student and Medical short term stay Housing. The property is the elbow of NYU and Langone Medical Alley.
2010 is a big year for the laws Albany passed, the money Albany took, and The Committee To Save New York.
If the Mayor and City Council wanted to, they could have pulled off a compromise where Peter Cooper Village (who is considered the classier part of the property) becomes the 3000 luxury housing units for the Hilton-esque business model to compete with Airbnb and have Stuyvesant Town be a Penn South-like co-op of 8000 affordable housing apartments. But negotiating that would take balls to pull off.
"They keep mentioning saving 5,000 apartments but neglect to mention the other 6,000 and of course they do not address the continued malevolent presence of Compass Crock."
Same PR spin Deblasio gave at the ABNY breakfast speech. Then again they all use the same PR firm Berlin Rosen so no surprise Dan, the TA Board, Deblasio all spew the same rhetoric verbatim.
Compass Rock is acting like Tishman, then CW and now Blackstone's hired hit man. The condo conversion can happen when they evict enough RS and move MR into those apartments to reach the 80% number of buyers to 20% number of renters in each building. The fight is against the renters.
The unfortunate thing for Blackstone/REBNY/Compass Rock/TA is that most of the 5000 RS apartments that remain are lease abiding tenants that have no intention of moving.
This is their home, and they won't go down without a fight. Shame they didn't learn from the failures of Tishman Speyer.
With how disgustingly aggressive Tishman Speyer and CW have been it is probably safe to say ALL of the remaining RS apartments are lease abiding with no intention of moving.
I am just in shock at how many people are either dying here or moving on since our smaller building has so many renovations and not just mini renovations on already renovated apartments! The real RS is going fast here. Off topic, but had to find a site to post this on as it's quite alarming. --TEnant in STPCV
1:28 here. No, I'm not in hell. I love my apartment and really don't have any complaints of a serious nature. That is why I will see them in hell before I let them force me out.
Calling security regarding any noise issues is such bull crap. And then what - they come, maybe there is noise then, maybe not. They do what? Fine the tenants, force them to get thick wall to walls? What? This Compass rock and Blackstone thinks all of us are stupid. GET A LAWYER.
Comments have to await approval by the administrator of this blog to be published. Comments that insult another commentator, or that cross a line the administrator is not comfortable with, will not get approved.
If this filth isn't ousted, then we may as well be owned by CW. CR is making money for CW by being in charge here, so there must be some arrangement with Blackstone. It's just the same old same old. And all those fucking politicians and TA people congratulating themselves and each other. They must think we are as stupid and gullible as they are corrupt and morally bankrupt.
ReplyDelete1:15 That means Rob Speyer and the plan laid out by the committee to Save New York that is being carried out by the Partnership for New York is still running this place. Tishman never left. Yes they not only think we are stupid, they think they are the only smart people walking the planet. The best and brightest 100. The only stupid thing we ever did was to place trust in a TA and the Politicians currently holding public office.
ReplyDeletehttp://littlesis.org/maps/1079-blackstone-ivanhoe-cambridge-purchase-of-stuyvesant-town-peter-cooper-village
Compass Rock is still listed at the top of the rent invoice. Blackstone was not forthcoming when they said that they would change management. I can't believe how the TA and the politicians pushed this lousy deal on us.
ReplyDeleteYup. Means CW is still running the property. Their construction credential is the disastrous bunker and their experience in student housing is Stuyvesant Town.
ReplyDeleteEveryone should deduct the campus security mci from their rent, deduct the total amount paid on security mci to date on their next rent bill and tell the CW TA team to take their "negotiations" and shove it.
David Sorise - Chief Operating Officer
David Sorise serves as Chief Operating Officer for CompassRock and is one of the founding members of the company. Mr. Sorise, who is based in New York City, is responsible for operations in the entire North East region.
Mr. Sorise is currently overseeing 13,000 apartments in New York City alone for institutional clients including CW Capital Asset Management, LNR Partners, C‐III, TIAA‐CREF and KeyBank. Prior to joining CompassRock, Mr. Sorise was the Vice President of Operations for Laramar Communities’ Northeast portfolio. He was responsible for property operations, receiverships, construction management, due diligence projects and consulting engagements in the New York City, Philadelphia, and Boston Metro markets. Mr. Sorise was also Vice President of Operations for The Dermot Company where he was responsible for overseeing a $1 billion portfolio of NYC institutional multi‐family buildings for Principal Global Investors, Henderson Global Investors and the AFL CIO Building Investment Trust.
Mr. Sorise holds a BA in Economics from Williams College. Mr. Sorise is also a member of the Real Estate Board of New York (REBNY), Rent Stabilization Association (RSA), a New York State Licensed Real Estate Broker and a New York State Court of Administration approved Receiver and Property Manager.
Anyone who thinks that our new overseers will be any different than Tishman-Speyer, Compass Cock, CW Cap or any other of the reprobates is a FOOL.
ReplyDeleteThey are not tenant friendly.
They are money friendly.
They worship at the Temple of Mammon.
Bring on the bros, the noise, the carpetless clomping at 3:00AM, the dog shit in the elevators and hallways, the weed permeating throughout the halls and...who can forget...the ear-splitting Oval "concerts" summertime famous for waking the dead.
I can't hardly wait...lol
Happy New Year to all and again God Bless STR.
You are TRULY a hero.
The sooner the politicians currently holding public office are gone, the better. The TA should just disband and go away.
ReplyDeleteSo, we have been lied to. Blackstone hasn't owned the property five minutes and already they have lied to us. Barefaced fucking lying bastards. However, their reputation precedes them so we shouldn't be surprised that they are barefaced fucking lying bastards.
ReplyDeleteWonder where they got their expertise in Student Living.
ReplyDeleteThe way I see it right now, Blackstone/Ivanhoe owns the property, but CompassRock is still the management, and CompassRock is owned by CWCapital. The owner has changed, but that's it. January will be a month that will tell us much more, as that is when Blackstone will be revealing any changes and answering the issues raised by tenants in The Survey.
ReplyDeleteIf that's the status that will remain, CWCapital made out quite well, because not only does it get a percentage of the money from the sale, but it still keeps its hands in the cookie jar via CompassRock.
ReplyDeleteWho is Compass Rock? How long has the company existed? Wasn't it created by a guy with a shady past? Didn't someone comment on them a while ago with who these people are behind this company and where they came from? Anyone remember any of this?
ReplyDeleteHere you go:
ReplyDeletehttp://www.chicagobusiness.com/realestate/20120328/CRED03/120329779/laramar-sues-ex-ceo-over-loan
And:
http://stuytownreport.blogspot.com/2012/08/compassrock-admits-it-has-no-solutions.html
CompassRock appears to have been created to be the management arm of CWCapital, and recently at that.
Created probably with an eye to displace Rose Associates here and take over ST/PCV.
ReplyDeleteRelax people, once Dan Garodnick and the TA gets wind that CR is still running this place heads will roll: Blackstone heads that is. They will learn quickly not to step out of line around here and take the tenants here for granted.
ReplyDeleteHAHAHA. That's a good one!
ReplyDeletethx December 29, 2015 at 4:31 PM STR
ReplyDeleteThought that was the case. Their website is deceiving. Makes them look like they have been around a very long time with lots of experience when really their only experience is their big failures on quality of life in Peter Cooper Village ST. As for their brag of Student Life, the crimes under their time here would seriously dispute their ability.
Common Thugs. Nothing more.
ReplyDeleteDid Compass Rock report the campus rapes? Students and the parents of students have a right to know that information before they move into the dorms.
ReplyDeleteCan't wait to see how Blackstone justifies the continued presence of Compass Rock as manager of the properties and how they intend to deal with dormification. What a crock.
ReplyDeleteMore of the same. Politicians do not care about us or anyone other then themselves.
ReplyDeleteNone of them wanted the publicity of wiping out the entire populations of 30,000 working class citizens on their watch. Everything they do is for themselves and their benefactors.
Blackstone is a big client for Berlin Rosen who will do whatever Blackstone tells Berlin Rosen to do and Berlin Rosen controls the TA and has them push Berlin Rosen clients crap on us. The TA pushes Barclays Center tickets for Berlin Rosen (Barclays is faltering, they got Huey Lewis and the News and Jimmy buffet for New Years). The TA will push Blackstone's agenda for Berlin Rosen too.
ReplyDeleteSomething is not right between Berlin Rosen Blackstone and Steinberg Hoylman.
Hoylman as someone pointed out earlier, Hoylman and Roberta Kaplan (PCVST Paul Weiss Golub Lawyer for the landlord) are with Steinberg. Steinberg and Hoylman are too close for comfort for Steinberg to be a tenant advocate. Steinberg and Hoylman and Schneiderman are involved in the hundreds of harassing, false golubs. Who are the two old ladies mentioned above? The New York Times did a piece last year on how the Attorney Generals Offices are compromised by big money. That subpoena for Paul Weiss that Eric T Schneiderman did for Roberta Kaplan is suspicious. Something is not right there.
Compass Rock = Campus Crock
ReplyDeleteSo Compass Rock has no other clients really and no history really. Peter Cooper Village Stuyvesant Town is financing it's existence. Without Peter Cooper Village Stuyvesant Town, Compass Rock could not and would not exist. It can't exist without us.
ReplyDeleteIt does have other clients. Riverton, for one. But its history is brief.
ReplyDelete"Steinberg and Hoylman are too close for comfort for Steinberg to be a tenant advocate. Steinberg and Hoylman and Schneiderman are involved in the hundreds of harassing, false golubs. "
ReplyDeleteAgain with the conspiracy BS with zero proof. Like most conspiracy nuts (birthers, truthers, etc.), you intermingle facts with this aluminum foil hat crap to connect the dots. STR, I know this is your blog but please, stop posting this junk, we have enough real issues with the TA and our local pols.
And Riverton had a TA that actually went after Compass Rock!! Maybe we need to talk to them.
ReplyDeleteYou are both right. Riverton is very small and could not keep Compass Rock afloat in business. Riverton is 1200 apartments and 7 buildings. They only had Riverton since 2013 and it is the same deal from Rose to Compass Rock and a mortgage that a RE company was allowed to walk away from unscathed after they failed at their try to evict half tenants from their homes, but succeeded in leaving tenants in the lurch. Same deal as Tishman when they decided not to pay their mortgage anymore and Albany said that's ok, you don't have to pay your mortgage anymore Robbie. Without StuyTown, which is over half or even over 75% of their business, Compass Rock would collapse.
ReplyDeleteWikipedia
The project was proposed by the Metropolitan Life Insurance Company in 1944,[1] and largely served an African American population,[2] in contrast to Met Life's Parkchester in the Bronx (1940), Peter Cooper Village—Stuyvesant Town in Manhattan, Park La Brea in Los Angeles, Parkmerced in San Francisco, and Parkfairfax in Virginia, which were restricted to a whites-only tenancy at the time of their construction.[3] The development consists of seven 13-story buildings situated on a 12-acre (49,000 m2) site located between 135th Street and 138th Street, and Fifth Avenue and the Harlem River. Some of the units on upper floors had views into the Polo Grounds.
In August 2008, Laurence Gluck's Stellar Management LLC notified its mortgage servicer that it anticipated defaulting on the property's $225 million mortgage within a month, since it was unable to convert half of the property's 1,230 rent-stabilized apartments to market rate; Stellar had owned the property from 2005.[4] CWCapital won control of the complex in an auction held March 11, 2010,[5] and began operating it through Rose Associates Inc. As of mid-2013, Riverton Houses was managed by CompassRock Real Estate.[6][7]
https://en.wikipedia.org/wiki/Riverton_Houses
Yes compSs crock is Blackstine so they stay. Win win for the owners. Thieves and liars. Wait and watch.
ReplyDelete>>Again with the conspiracy BS with zero proof. Like most conspiracy nuts (birthers, truthers, etc.), you intermingle facts with this aluminum foil hat crap to connect the dots. STR, I know this is your blog but please, stop posting this junk, we have enough real issues with the TA and our local pols.<<
ReplyDeleteI have two problems: 1) I don't get to see the entire post (if its long) before I can approve its passage, and 2) time is not on my side, as I have little time to actively read and think over posts before they get approved. Generally I rely on posts to challenge what someone states, if they feel that a post lack credibility. Having said that, I'm not a fan of this TA conspiracy theory.
I see both sides. To clear it up the TA could come forward and explain themselves. If it is a conspiracy or if it is a theory, both sides seem plausible.
ReplyDeleteThe commenters already posted the link to the Airbnb subpoena information done by the Attorney General for Paul Weiss and we all know Paul Weiss is the Law Firm for the TA during that time. Maybe the TA should make a statement of about their work with Paul Weiss on the vigilante illegal hotel effort the TA board is running by Ms Salacan. They have been running it since their article in the NY Times, they could also post results of this work on the TA website.
How many illegal hotels have their sleuths as Ms Salacan and their Law Firm Paul Weiss caught and what was the result?
Can they use the same technique on the dorms to catch the unrelated overoccupancy, a subpoena to Compass Rock on the leases of reported dorm apartments?
Whether a theory or a conspiracy, the work with Paul Weiss needs explanation from the TA Board. It is their Law Firm.
I agree with STR and 9:35. There are so many factual things that we can and should be upset with the TA about. We don't need assumptions and conspiracy theories on top of that.
ReplyDeleteJust a few comments, if you want to be taken seriously, spelling counts! There are only so many companies in existence to manage a complex this size, i.e. Rose Associates. Unless of course you are in the position to hire yourself.
ReplyDeleteIf it's just about money, the Compass Rock has demonstrated their value.
Right. Spelling counts. Landlords breaking several laws and tenants rent high jacked 30 percent does not. Rock on troll.
DeleteRead your last sentence Tommyboy. You criticize others but then can't even write correctly. The Compass Rock?? Actually your first sentence is grammatically incorrect also. Just saying.
DeleteAs a tenant I am always skeptical of owners' motives for what they do (or don't do). But Blackstone should be afforded some time here. (1) This is a large asset and there are very few 3rd party entities that can operate this. (2) There wasn't much time between being identified as purchaser and actually 'taking the keys' for Blackstone to identify a new property manager. (3) Often times, at purchase/sale there are incomplete capital projects that may be best served by allowing the current manager to complete the tasks (then change to new mgmt).(4) Blackstone may be using this period to assess multiple levels of on-site management personnel in the hopes of retaining some of the better persons.
ReplyDeleteBUT... I would not bet against Blackstone 'buying' Compass Rock's STPCV operations, Compass Rock buying another multifamily property mgmt firm or Blackstone creating a newly formed management company to operate these assets (as well as other Blackstone assets).
Iggy
Compass Rock = Campus Crock
ReplyDeleteNice, how about ...Incompetent Rock.
STR should have a contest...Name the management firm!
Yup, CompassRock (a creation of our then-owner CWCrapital) was still a startup when it took over managing the property from Rose, one of the most experienced managers of residential real estate in NYC.
ReplyDeleteSTR - Regarding conspiracy theories. I agree with you that you shouldn't censor and hope you continue to chime in when obviously tinfoil theories like December 29, 2015 at 7:09 PM show up in the comments.
Have a Happy New Year...
Campus Crock needs to go. It is an inferior, dishonest and incompetent organization. If necessary, we should withhold from our rent sums we have to fork out to get real professionals to take care of serious maintenance and plumbing problems. This is the "management" that brought us bedbugs, dog shit in the elevators, student puke and piss all over the place. They are incompetent, sleazy grifters.
ReplyDeleteI think that Blackstone should issue a statement clarifying whether or not the despicable Compass Rock is continuing to "manage" the property, or if they are going to get a decent management company to do the job.
ReplyDeleteBEARS REPEATING
ReplyDeleteAnonymous Anonymous said...
Campus Crock needs to go. It is an inferior, dishonest and incompetent organization. If necessary, we should withhold from our rent sums we have to fork out to get real professionals to take care of serious maintenance and plumbing problems. This is the "management" that brought us bedbugs, dog shit in the elevators, student puke and piss all over the place. They are incompetent, sleazy grifters.
December 30, 2015 at 9:25 PM
If necessary, we should withhold from our rent sums we have to fork out to get real professionals to take care of serious maintenance and plumbing problems. This is the "management" that brought us bedbugs, dog shit in the elevators, student puke and piss all over the place.
If necessary, we should withhold from our rent sums we have to fork out to get real professionals to take care of serious maintenance and plumbing problems. This is the "management" that brought us bedbugs, dog shit in the elevators, student puke and piss all over the place.
Having worked for some of the top Property Management/Real Estate companies in the city/world, I could not agree more about what people are saying about Compass Rock. CW Capital created Compass Rock, therefore a minimal (if any) management fee was established to run PCVST.
ReplyDeleteNow, as a lower tier Property Management company, Compass Rock is probably charging Blackstone less then a more experienced Property Management company would, which means more $ for Blackstone.
Leaf blowers out in full force this morning. What a waste.
ReplyDeleteIt is quite certain compass remains. Blackstone knows they suck and like it that way. they can then watch as compass mistreats tenants.
ReplyDeleteJust opened the end of the year post from the TA. They are still crowing about the benefits of the Blackstone deal. Unbelievable. They keep mentioning saving 5,000 apartments but neglect to mention the other 6,000 and of course they do not address the continued malevolent presence of Compass Crock.
ReplyDeleteGood news, I just got an email from the TA. They intend to "keep fighting for tenants" in the new year. Can the affordable condo conversion be far behind?
ReplyDeleteThe TA "keep fighting" is for their agenda and not tenants. They never fought for tenants, never fought the chopping and churning and construction. They are fighting against renters and for buyers to get to the 85%.
ReplyDeleteIf anyone thinks the remaining 5000 rent stabilized apartments and roughly 12,000 people living in them are safe they are not. They want to raise the rent to the $3200 calculated rent roll, that is why that clause is in their agreement. They crunched the property numbers and decided they are ok with the remaining 5000 apartments raised to $3200 and it gives them a way to make the market-rate tenants happy by moving them into the capped apartments. It is a shrewd callous calculated move on their part.
The mention in the Blackstone clause about hotels is deliberate too. The plan is a way for the likes of the hotel industry as Hilton to compete with the new tech business model introduced in 2008 with Airbnb. The "30 day "law they passed in 2010 is to block people from using Airbnb while keeping on track to churn apartments with 9 month leases of rent stabilized apartments to students. It is all about evicting renters and moving in potential buyers aka "new stabilizers". Eventually the property would be the market rate who buy their apartments, the "luxury time share buyers" and the NYU Langone Student and Medical short term stay Housing. The property is the elbow of NYU and Langone Medical Alley.
2010 is a big year for the laws Albany passed, the money Albany took, and The Committee To Save New York.
If the Mayor and City Council wanted to, they could have pulled off a compromise where Peter Cooper Village (who is considered the classier part of the property) becomes the 3000 luxury housing units for the Hilton-esque business model to compete with Airbnb and have Stuyvesant Town be a Penn South-like co-op of 8000 affordable housing apartments. But negotiating that would take balls to pull off.
Happy New Year All.
"but neglect to mention the other 6,000 and of course they do not address the continued malevolent presence of Compass Crock"
ReplyDeleteExactly.
What the TA "does not say" and "does not do" speaks volumes on their intentions.
"They keep mentioning saving 5,000 apartments but neglect to mention the other 6,000 and of course they do not address the continued malevolent presence of Compass Crock."
ReplyDeleteSame PR spin Deblasio gave at the ABNY breakfast speech. Then again they all use the same PR firm Berlin Rosen so no surprise Dan, the TA Board, Deblasio all spew the same rhetoric verbatim.
Compass Rock is acting like Tishman, then CW and now Blackstone's hired hit man. The condo conversion can happen when they evict enough RS and move MR into those apartments to reach the 80% number of buyers to 20% number of renters in each building. The fight is against the renters.
ReplyDeleteThe unfortunate thing for Blackstone/REBNY/Compass Rock/TA is that most of the 5000 RS apartments that remain are lease abiding tenants that have no intention of moving.
ReplyDeleteThis is their home, and they won't go down without a fight. Shame they didn't learn from the failures of Tishman Speyer.
With how disgustingly aggressive Tishman Speyer and CW have been it is probably safe to say ALL of the remaining RS apartments are lease abiding with no intention of moving.
ReplyDeleteI am in a RS unrenovated apartment and I'll see them in hell before I let them force me out.
ReplyDelete1 28 you are in hell so there's that.
ReplyDeleteI am just in shock at how many people are either dying here or moving on since our smaller building has so many renovations and not just mini renovations on already renovated apartments! The real RS is going fast here. Off topic, but had to find a site to post this on as it's quite alarming.
ReplyDelete--TEnant in STPCV
The real RS are being harassed out.
ReplyDeleteJust bring in the wrecking ball and be done with it!
ReplyDeleteThe real RS are also dying here - my dad. And some are moving south. Reality.
ReplyDelete"1 28 you are in hell so there's that."
ReplyDelete1:28 here. No, I'm not in hell. I love my apartment and really don't have any complaints of a serious nature. That is why I will see them in hell before I let them force me out.
love my home - here since 1988 - but i'm not stupid enough to think that time is running out. Anyone who thinks differently is a fool.
ReplyDeleteStuytown dad.
Calling security regarding any noise issues is such bull crap. And then what - they come, maybe there is noise then, maybe not. They do what? Fine the tenants, force them to get thick wall to walls? What? This Compass rock and Blackstone thinks all of us are stupid. GET A LAWYER.
ReplyDeleteStuyvesant dad, I think you probably meant the exact opposite of what you actually wrote..
ReplyDelete