tag:blogger.com,1999:blog-1837176580996082182.post4539170183436399458..comments2024-03-19T04:15:46.480-04:00Comments on The Stuyvesant Town Report: Million Dollar DanStuy Town Reporterhttp://www.blogger.com/profile/05538426011607971633noreply@blogger.comBlogger50125tag:blogger.com,1999:blog-1837176580996082182.post-54170995103300470002012-01-23T11:47:01.198-05:002012-01-23T11:47:01.198-05:00Note to the TA or whomever hands out the flyers on...Note to the TA or whomever hands out the flyers on any type of information (aside from Rose)....<br /><br />Almost all of our friends and neighbors in stuy and pcv have NOT received these under the door flyers.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-66555734418536667162012-01-23T05:56:28.822-05:002012-01-23T05:56:28.822-05:00Check out the ratings
http://www.apartmentratings...Check out the ratings<br /><br />http://www.apartmentratings.com/rate/NY-New-York-Stuyvesant-Town.htmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-73557186303732789912012-01-22T22:40:29.874-05:002012-01-22T22:40:29.874-05:00@4:11 here
Affordability as defined by HUD/FHA is...@4:11 here<br /><br />Affordability as defined by HUD/FHA is monthly housing costs not exceeding 30% of gross income. That's the definition. To speak that rent stabilization should assist the low-income (30% of AMI or 50% of AMI) is another dialogue. Also, remember, HUD/FHA programs allow subsidy to moderate incomes (80% AMI to 120% AMI).<br /><br />AMI (median income) for 2011 NYC MSA is $67,400. FHA's 2012 fair market rents for NY MSA are 1BR=$1,128 ; 2BR= $1,289.<br /><br />Max affordable monthly rents by % of AMI are 30%AMI= 843 ; 50% AMI<br />1,348 ; 100% AMI 1,685.<br /><br />I said 10,00+ apartments were formerly affordable. Time has not eroded that affordability. Annual rent increases over the years actually lag annual gains in NY MSA median income growth (although outpace inflation by about 0.25%). The LOSS of the affordability of the apartments were due to allowances in RS law for landlords to 'improve' the apartments over time or take vacancy credits,etc. If you've lived here for a good number of years and your income has increased at the NY average, your % of gross income being paid would not have increased. The problem is that when someone moves out, there is no vehicle in place to ensure that the apartment remains affordable for the next tenant (not to mention there is no restriction on the specific income of the next tenant). Also, NY municipal housing subsidies do not necessarily lock in long-term affordability. They provide developer/owner $ assistance for allocating a small % of stock for a relativley short duration (less than 20 years).<br /><br />There are some very compelling programs utilized across the country that attempt to 'deed restrict' housing in order to perpetuate affordability at a specific housing development. The TA whispers that they will initiate such a program for 'those tenants who wish to enroll CAPPED AT A CERTAIN YET UNDETERMINED NUMBER'. So only a few units will retain affordability.The value creation by conversion is transferred to the unit purchaser and is not retained in the unit. So when the unit purchaser sells, the sale is at market rate and the affordability of the unit is lost forever.<br /><br />To the new blooger. I'll visit your site and GOOD LUCK with your attempts to source TA information.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-55902001936862393602012-01-22T21:35:20.054-05:002012-01-22T21:35:20.054-05:00"I remember REVS - COST!! Where is he now and..."I remember REVS - COST!! Where is he now and what does he do with his time, I wonder."<br /><br />Good question. I don't know. I just thought we were all supposed to end our posts with trite urban tags like that "G - Mooney" fellow...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-20795891693249888222012-01-22T17:23:34.032-05:002012-01-22T17:23:34.032-05:00I remember REVS - COST!! Where is he now and what ...I remember REVS - COST!! Where is he now and what does he do with his time, I wonder.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-75205225984521634262012-01-22T16:17:57.215-05:002012-01-22T16:17:57.215-05:00Your argument for not buying now is 100% predicate...Your argument for not buying now is 100% predicated on your assumed existence of exorbitant maintenance costs. You raise a good point - as a potential. That is, we will all be interested. Those costs remain to be seen. Would be very interested to know if there are specific costs you know of that you can identify.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-41392858840229375892012-01-22T16:02:31.142-05:002012-01-22T16:02:31.142-05:00"How will buying the apartment be more afford..."How will buying the apartment be more affordable for those over 50 who will be going onto a fixed income within the next few years? Surely the increases in maintenance charges, taxes, etc., will be as much as, if not more than, increases in rent?"<br /><br />It won't. The potential for investment gains is different than an assurance of investment gains. <br /><br />RS increases and even evil MCIs are limited by law. Maintenance increases and assessments have absolutely no limit. And when operating costs grow rapidly, resale values fall concomitantly.<br /><br />Whomever buys this place next is going to be saddled with the costs of catching up on the maintenance that has been postponed during the TS and post-TS debacle years. That owner can be the next greedy RE enterprise (greed is good, remember...) or it can be the tenants.<br /><br />I think I'd rather leave the catch-up expenses to someone else and, if I'm still here and interested in owning a piece of this place in a decade, I'd be happy to revisit the calculation at that point. Right now this transaction is going to be a big cost shift. It can be to us or to someone else.<br /><br />You're going to have to give me one heck of a rationale to directly bear those costs myself.<br /><br />REVS - COSTAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-18802668466749704962012-01-22T15:17:00.612-05:002012-01-22T15:17:00.612-05:00"How will buying the apartment be more afford..."How will buying the apartment be more affordable for those over 50" --<br />Your rent increases will be dictated by the rent guidelines board which listens to the pleas of landlords about how much they must pay in taxes and maintenance costs. Also the rent guidelines board takes into the account that landlords are entitled to make reasonable profits.<br />Under the Guterman-Westwood plan, we would be the owners. So we would decide what 'extra' maintenance projects get done. So the point is that as owners we would probably be not be paying more. The 'reason profit' element wouldn't be a factor & we would have some measure of control over maintenance costs. So with less or equal monthly costs, you'd get the value of ownership when & if you chose to sell and turn over to your children. Not sure about scenarios under Brookfield. I believe (not sure) that Brookfield would be the owner under its plan which might mean we'd have less control over maintenance projects.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-35714952810769104642012-01-22T13:58:53.080-05:002012-01-22T13:58:53.080-05:00I think there is a need for more affordable RENTAL...I think there is a need for more affordable RENTAL housing in New York. I am disappointed that the TA seems to have abandoned the fight for the preservation of rent stabilization. I wish I had never donated money to the TA or Tenants and Neighbors. Never will donate another red cent to either, that's for sure.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-53290580645670469712012-01-22T13:03:31.332-05:002012-01-22T13:03:31.332-05:00How will buying the apartment be more affordable f...How will buying the apartment be more affordable for those over 50 who will be going onto a fixed income within the next few years? Surely the increases in maintenance charges, taxes, etc., will be as much as, if not more than, increases in rent?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-76063567278099410782012-01-22T11:44:55.535-05:002012-01-22T11:44:55.535-05:00This is a point I've been trying to make befor...This is a point I've been trying to make before. Over the next 20 years, under RS certainly for those who are over 50 now the rents won't be affordable as they go on fixed income. That's why affordable conversion is the best answer for these folks. For anyone younger, yes - your wages may keep pace so that you'll feel the rent increases are affordable. But look at the alternative if you're able to buy your apt...you have the benefit of a tremendous investment. By the time you might be interested in selling (let's say in 20 yrs), your apt will be worth at least 3-4x what you paid for it. The key is the conversion plan...what conversion plan CW goes with. That's why it's so important everybody focuses on this.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-68120934695128778442012-01-22T10:35:36.811-05:002012-01-22T10:35:36.811-05:00Anon 4:11, I don't disagree with anything you&...Anon 4:11, I don't disagree with anything you're saying except one. This is something I have brought up many times and no one, including STR, has ever addressed. WHen you say "the loss of 10000+ formally affordable housing units" what exactly do you mean. Affordable to someone currently making $75000 per year? I'm not talking about the "market rate" apartments. The current RS apartments are not so "affordable" currently and as each year comes they keep increasing. Please explain to me how RS=affordability into the future.<br /><br />Also, with your real estate experience I wish you would have ran for a seat on the TA board! I have no reason to doubt what you are saying and we all could have used that kind of expertise.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-80167023094529472042012-01-22T10:31:51.080-05:002012-01-22T10:31:51.080-05:00Yes, it will be factually accurate, as always. Th...Yes, it will be factually accurate, as always. Thanks.Stuy Town Reporterhttps://www.blogger.com/profile/05538426011607971633noreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-21530379542390129432012-01-22T09:47:05.986-05:002012-01-22T09:47:05.986-05:00I'm sure it'll be up to your usual standar...I'm sure it'll be up to your usual standards.Roger Roundlynoreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-7392910565506041372012-01-22T09:34:07.402-05:002012-01-22T09:34:07.402-05:00"I'll put my 20 years of Real Estate fina..."I'll put my 20 years of Real Estate finance experience"<br /><br />Can the person who commented this please go to my blog. www.pcvstconversionforum.blogspot.com/. I make some real estate process observations there. Would appreciate any corrections.<br /><br />BTW, I don't believe the TA is coming up with any framework at all. I believe that Brookfield will fashion a plan that's to its liking. What the TA's role really is with respect to Brookfield...God only knows.MBaaarnoreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-6587269360914343062012-01-22T08:02:29.287-05:002012-01-22T08:02:29.287-05:00Wait till you read my next post, Roger.Wait till you read my next post, Roger.Stuy Town Reporterhttps://www.blogger.com/profile/05538426011607971633noreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-49692026583037321522012-01-22T07:37:34.185-05:002012-01-22T07:37:34.185-05:00I am not "protecting" anyone. I am sugge...I am not "protecting" anyone. I am suggesting that you could conduct yourself a little more responsibly. What you're engaging in on this thread is little more than yellow journalism.<br /><br /><br />http://en.wikipedia.org/wiki/Yellow_journalismRoger Roundlynoreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-3110625789882887402012-01-22T04:11:20.367-05:002012-01-22T04:11:20.367-05:00At conversion, Affordability is "captured&quo...At conversion, Affordability is "captured" by the unit owner. Truly affordable housing programs should reach for affordability retention. The TA whispers of a few units which will transfer with explicit resale restrictions, thus retaining affordability at the unit. But the trivial amount of units can in no way compensate for the loss of 10,000+ formerly affordable housing units. <br /><br />I know. If the TA does not acquire STPCV we are left to the devil we do not know. AND the TA needs to put together a plan that tells a compelling story to CWCapital. I think we all get that. But what frustrates me is this condescending attitude that the TA believes it can draft the framework of conversion without the approval of even 5% of the tenancy (and in closed-door, behind the scenes, under the table fashion).<br /><br />I'll put up my 20+ years of real estate finance experience against anyone on the board.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-7626627019796786922012-01-21T22:41:24.914-05:002012-01-21T22:41:24.914-05:00The City Council is a bunch of bought and paid for...The City Council is a bunch of bought and paid for puppets. They are in the pockets of the RE industry and do not in any way represent the people they are supposed to be serving. We need to get rid of the whole sorry bunch. I will not vote for any incumbent, including Garodnick and particularly that awful toad, Christine Quinn.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-73796081268868889152012-01-21T21:27:11.105-05:002012-01-21T21:27:11.105-05:00>>47 out of 48 city council members voted th...>>47 out of 48 city council members voted the way they did because they thought the Empire State Building's owners' lobbying campaign/argument was silly (so did I). In addition, Vornado offered to put up $100 million to improve Penn Station and council members were happy to promote development so close to major NYC transportation hub Penn Station.<<<br /><br />Yeah, like that 100 million will lessen congestion when a mammoth high rise office/residential building goes up near Macy's. It's already a nightmare of crowds there and will be more so when "Vornado Tower" goes up. This will be the City Council's folly, just as that 2nd Ave Subway is a folly, too, and costing current mom-and-pop stores their livelihood and infuriating residents of the area.Stuy Town Reporterhttps://www.blogger.com/profile/05538426011607971633noreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-86101103507604264032012-01-21T21:20:09.532-05:002012-01-21T21:20:09.532-05:00>>Only 1 council person out of 48 voted agai...>>Only 1 council person out of 48 voted against Vornado's skyscraper! Yet you feel free to allege in a public forum that some kind of payoff deal between Dan G and Vornado went on?<<<br /><br />You are completely missing several points as you protect Garodnick. I already have underlined numerous times what I feel is the general lack of ethics in the city council. The whole bunch of them accept donations from real estate businesses, so it's no surprise that they would overturn zoning to favor a Vornado, just as they recently overturned landmark designation for a building on the Bowery. Garodnick used to be more careful about where his campaign donations came from. That's why seeing him open up his pockets wide for real estate companies that have a stake in maximizing profits in Manhattan and lessening affordable middle class housing is a deep concern. If you like what Manhattan is turning into, a playground for the rich and their NYU/Columbia sons and daughters, a city of high rises with a drug store and bank at ground level, that's fine, too. For you. But not for me.Stuy Town Reporterhttps://www.blogger.com/profile/05538426011607971633noreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-42037598357697816802012-01-21T18:54:18.344-05:002012-01-21T18:54:18.344-05:00STR
Only 1 council person out of 48 voted against...STR<br /><br />Only 1 council person out of 48 voted against Vornado's skyscraper! Yet you feel free to allege in a public forum that some kind of payoff deal between Dan G and Vornado went on? <br /><br />47 out of 48 city council members voted the way they did because they thought the Empire State Building's owners' lobbying campaign/argument was silly (so did I). In addition, Vornado offered to put up $100 million to improve Penn Station and council members were happy to promote development so close to major NYC transportation hub Penn Station. <br /><br />I'm sorry, but you took on a lot of responsibility when you decided to provide this public forum. Muckraking is one thing. Making wild accusations is another. It's just reckless and irresponsible.Roger Roundlynoreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-40904644664843612282012-01-21T17:38:28.452-05:002012-01-21T17:38:28.452-05:00Please read this, Roger:
http://stuytownreport.bl...Please read this, Roger:<br /><br />http://stuytownreport.blogspot.com/search?q=vornadoStuy Town Reporterhttps://www.blogger.com/profile/05538426011607971633noreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-24624456226497248132012-01-21T17:36:45.809-05:002012-01-21T17:36:45.809-05:00>>I wish you'd look before you leap. The...>>I wish you'd look before you leap. The City Council voted 47-1 to allow Vornado to proceed with 15 Penn Plaza. But that doesn't stop you from making nasty allegations that you can't really back up with "facts."<<<br /><br />I did look. Garodnick voted with the 47.Stuy Town Reporterhttps://www.blogger.com/profile/05538426011607971633noreply@blogger.comtag:blogger.com,1999:blog-1837176580996082182.post-62329472883016799752012-01-21T17:34:16.601-05:002012-01-21T17:34:16.601-05:00I wish you'd look before you leap. The City Co...I wish you'd look before you leap. The City Council voted 47-1 to allow Vornado to proceed with 15 Penn Plaza. But that doesn't stop you from making nasty allegations that you can't really back up with "facts."Roger Roundlynoreply@blogger.com