At least that's what an article in Town & Village reveals inadvertently. The article describes CWCapital's plan of redoing all the hallways in PCVST. New carpeting, baseboards, and a paint job for "an updated and clean look." This work is expected to be finished throughout the complex in two years.
Dear Lord.....
24 comments:
I'm still trying to figure out where and when they announced this since the first I heard of it was when I read about it in T&V. All that's required is some simple maintenance: vacuum the halls every week and shampoo once a month (shampooing already being done), repaint every few years or when needed, replace stained or damaged carpet when needed (not that hard to inspect). And how about taking care of the metalwork in the elevators and lobbies more than once every few years? Why is it such a big deal that CW has to make an announcement about it? Oh, yeah--how about checking the stairwells for peeling paint, holes in the walls, and cigarette ashes?
Oh boy.
More lipstick on a pig.
And MCIs to boot, no doubt.
Idiot management.
SOMETHING IS OBVIOUSLY GOING ON HERE AT STPCV. ALL THESE PROJECTS SEEM TO BE HEADING FOR COMPLETION IN 2014 (with the exception of the new hallway renovations). I just feel there is a grand plan which will be presented to us mid 2014. We will probably read it in the NYTIMES one morning next year .
OH, NO!!!! Why aren't these blood-sucking, incompetent vultures going to move on? They are supposed to be a Special Server, but all they do is serve themselves.
Whatever happened to "time for you to move on CW Capital" ? Did the TA ever mention what came of that initiative?
And in the meantime, median income in our neighborhood has gone down 11.58% since 2007-2009.
http://project.wnyc.org/median-income-nabes/
Good question Anonymous:
Whatever happened to "time for you to move on CW Capital" ? Did the TA ever mention what came of that initiative?
Is CW turning a profit? Other than themselves, I doubt that it would be anywhere near the money Tishman laid out. It seems CW is carrying out the same business plan Tishman had, except they seem to be inadvertly targeting their newest tenants.
The clearest indication of them staying, is their taking over the Oval Concierge, after they install a back door.....really! Building a new Concierge diagonally across, boasting a service only that charges for their use.
Hold tight and don't let the bastards win.
Charles Bagli doesn't know how long CW Capital is staying around and he wrote the book, because CW Capital and Tishman-Speyer are not telling.
The "time to move on" was an attempt to put public pressure on CW Capital to negotiate with ST-PCV tenants that didn't work. Bondholders have little influence over CW Capital.
Why maintain anything when they can rip it out and pass the MCI on to us? I'm convinced Andrew MacArthur is Satan himself.
"The "time to move on" was an attempt to put public pressure on CW Capital to negotiate with ST-PCV tenants that didn't work. Bondholders have little influence over CW Capital."
That seems to me inconceivable as CW is, at least ostensibly, working for the bondholders. At the very least, don't you think the TA should at least address something which they themselves initiated?
So what do the bondholders have influence over re; stuytown? NOTHING?
Maybe the bond holders do have a say in all of this. They may feel that this is the way to recoup their $$$$$ . Anything is possible in this place.
If Carolyn Maloney would stop screeching and grandstanding for a minute she could actually do something constructive for us by setting up a meeting with Fannie Mae and Freddie Mac which I believe own a large portion of the STPCV debt. But that would be asking way too much from a Washington politician, particularly the East Coast version of Nancy Pelosi. As an aside, after hearing Pelosi defend Obamacare last week even after Obama's attempt at a mea culpa, I think Nancy has truly gone off the deep end.
Let's not forget Chuckie Schumer. Great speeches about how important STPVC is for the middle class and affordable housing, but where's the beef?
http://www.schumer.senate.gov/new_website/record.cfm?id=259631
STR
As I am sure you have heard , the most dangerous place to be in DC is between Chuck Schumer and a microphone.
Every Sunday he holds a news conference about a different "important" issue. Sunday is chosen deliberately because it is typically a slow news day and Chuckie Cheese's news conference is bound to make the local news.And after the news conference, it is extremely rare to hear that Chuckie Cheese has actually done something about any such "important" issue.
From the very first Garodnick/TA meetings, this was just an opportunity for grandstanding for the politicians. This is a business deal where politicians really have no standing. We should expect no real action. Fixing up the buildings has little value in the marketplace. Fixing up the grounds has a lot of value (especially the way Tishman-Speyer left them). So we could be looking at a sale to developers in by early 2014...with a pledge to the developers from CW to keep up the buildings & the grounds during the time that the developer is seeking approvals from the AG. A period that could be anywhere from a year to something over 2 yrs.
2:54 PM
It may seem inconceivable to you, but that's how it works.
And things are tried to see what works and if something doesn't work, it's time to try something else.
The problem turned out to be that both Fannie M and Freddie M hold the senior-most tranches of bonds. They will be the first to be paid back when a sale happens, so contractually, decisions about issues like property management and sale are made by junior bond holders with the riskier holdings, because they would be paid last.
Not a lot of things have gone our way with this, unfortunately, so no easy fixes are obvious. That's the way it goes sometimes.
The one ace we hold is our numbers. If we stick together we are a formidable obstacle to reckon with.
"It may seem inconceivable to you, but that's how it works.
And things are tried to see what works and if something doesn't work, it's time to try something else."
Fair enough, but the TA should own it though shouldn't they? They should come out with a statement to the effect that we tried this and it didn't work because of such and such and now we're trying this. Then again, perhaps they should do exactly what they did and and hope it goes away. I'm just sayin'.....
None of us know (not sure who does know) what the bondholders can or cannot do at this point.
WHAT A FREAKING mess.
The one ace we hold is our numbers. If we stick together we are a formidable obstacle to reckon with>>>
Ain't that the truth! And we should never let these scumbags forget that. Not for one second should we let them forget that.
…wonder who they think is going to want to be the new slum lord here?
No one has succeeded with it so far…and if this doesn't go to the tenants, prepare for a mass exodus of the people paying the highest rents.
Lipstick on a pig is right.
CW Capital and both of their managing agents, Rose Associates and CompassRock, have poorly maintained the property for years. We are now seeing - for the 2nd time in a year - workers hanging from the side of dozens of our buildings. Those workers are repairing their own re-pointing work since they did such a poor job last winter and spring.
The key problem is that both CompassRock and CW Capital are temporary caretakers, and have no skin in the game. Both of them get paid regardless of tenant turnover rates or falling revenues. Following the capital write-down of the debt, the bond holders are now making what appears to be a decent rate of return on the property. None of these organizations have any incentive to consider the long term, since raising any red flags about the state of the property might risk derailing the money train.
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