Stuyvesant Town’s Arbitrary Aftermath & Tribeca Multifamily
March 11, 2010 by Neil · 4 Comments
Before the now legendary Stuyvesant Town / Peter Cooper Village decision, New York City apartment building owners believed that if they accepted tax breaks under the J-51 program, they would also be allowed to remove units from rent regulation once the legal rents exceeded $2,000 per month. This conclusion was not a leap of faith. [...]
America’s Largest Pension Fund, New York City Apartment Buildings, and Iran
February 28, 2010 by Neil · 1 Comment
California Public Employees’ Retirement System, or CalPERS, has had an atrocious couple years, thanks in no small part to New York City multifamily. The $200 billion pension fund’s real estate investments dropped by half in 2009. Readers of Multifamily Investor know, and New York City CRE followers can guess, that the dreaded Stuyvesant Town / [...]
The Arithmetic Behind Helping Poor Apartment Building Residents…and Stuyvesant Town
February 23, 2010 by Neil · 3 Comments
Last week, we posted about NY State Sen. Pedro Espada’s proposed bill to provide a 10-year rent freeze for families earning less than $45,000 a year. Revenue for this ambitious program would come from owners who returned their J-51 tax proceeds in the wake of the Court of Appeals decision on Stuyvesant Town / [...]
If You Include Stuyvesant Town, What Percent of Multifamily CMBS Are Delinquent?
February 22, 2010 by Neil · Leave a Comment
Multifamily properties backing CMBS are now 9.71% delinquent – 44 bps higher than December, 2009, according to commercial real estate data provider Trepp. The delinquency of the Stuyvesant Town/Peter Cooper Village debt, which was not included in January’s data, would have added 40 bps to the delinquency rate and would have pushed the multifamily [...]
Poor New York City Apartment Building Residents…and Stuyvesant Town
February 18, 2010 by Neil · 1 Comment
NY State Senate leader Pedro Espada has proposed a bill that would provide a 10-year rent freeze for families earning less than $45,000 a year. Depending on whether you own or rent, your reaction may be one or more of the following questions: (1) Are owners going to have to subsidize this proposed generosity? (2) Why not provide [...]
Stuyvesant Town Certainties: Debt and Taxes
February 14, 2010 by Neil · Leave a Comment
Ben Franklin said the only two certain things in life were death and taxes. Had he said debt and taxes, it would certainly apply to Tishman Speyer’s entanglement with the most expensive apartment complex in American history.
What is uncertain: who will pay the outstanding real estate taxes.
When Tishman Speyer threw its keys to Stuyvesant Town [...]
Who Will Manage Stuyvesant Town?
February 13, 2010 by Neil · 1 Comment
One of New York’s older real estate families will take over the day-to-day management responsiblities of Stuyvesant Town / Peter Cooper Village. Rose Associates, which claims to manage over 30 million square feet of commercial and residential real estate, will manage during the ownership transition. Rose Associates is working with the blessing of CWCapital, the special servicer, [...]
Who Will Control Stuyvesant Town?
February 1, 2010 by Neil · 1 Comment
Tishman Speyer has ruled out the nuclear option of bankruptcy to forestall the struggle for control of Stuyvesant Town / Peter Cooper Village. Now a real estate food fight will ensue over control of the 110-building complex, each one containing about 100 units. (WSJ incorrectly states that it is a 56-building complex.)
WSJ states that the [...]
Which New York City Apartment Building Owner Faces an Attorney General Investigation For Tenant Harassment?
January 28, 2010 by Neil · 2 Comments
New York Attorney General Andrew Cuomo will start a lawsuit against Neil Rubler’s Vantage Properties for systemic harassment of its tenants. Since 2006, Vantage has acquired more than 125 buildings with more than 9,500 units—the majority of which are rent-regulated—in Harlem, northern Manhattan and parts of Queens.
Nicholas Haros, dubbed one of the city’s 10 worst landlords [...]
How May Stuyvesant Town Cause Tishman Speyer To Lose Millions More?
January 23, 2010 by Neil · 1 Comment
Gramercy Capital Corp, the most junior lender in the 2006 purchase of Stuyvesant Town/Peter Cooper Village, has asked CWCapital, the special servicer for senior lenders of $3 billion in commercial mortgages behind the deal, that co-owner Tishman Speyer be replaced as manager of the huge Manhattan apartment complexes.
A majority of other mezzanine lenders — which [...]
How Has Stuyvesant Town Affected Harlem Apartment Buildings?
January 21, 2010 by Neil · Leave a Comment
A group of tenants at Lenox Terrace, an apartment complex in Harlem, filed a lawsuit against the apartment complex’s ownership, a partnership lead by the Olnick Organization. The tenants claim that the owner illegally raised rents at the six-building Harlem complex, which houses, among others, Gov. David Paterson and Congressman Charlie Rangel.
Since Rangel’s apartments are [...]
