A tipster sent us the letter that deadbeat realtor Tishman Speyer delivered to Stuy Town and Peter Cooper Village residents in light of its inabilities to manage the massive property and writes: Read more »
It was only a matter of time before this would happen: “The owners of Stuyvesant Town and Peter Cooper Village…have decided to turn over the properties to creditors.” Even after using lots of underhanded methods to remove tenants from the Orwellian complex, renovate and charge outrageous rents, Tishman Speyer was still unable to cover the costs of their amassing debt from the $5 billion land deal. |NYT|
Karma continues to get the best of Tishman Speyer’s greedy Stuy Town-Peter Cooper Village real estate deal and the firm “is now just two to three months away from a likely default on the $3 billion mortgage it used, along with a $1.4 billion secondary loan, to buy the property.” |AP|
Aw, poor Tishman Speyer. After wasting a lot of money on shrubs and legal fees to push people out of their apartments in Stuy Town and Peter Cooper Village, the real estate monolith is in danger of defaulting on debt payments and income from rent is down “25 percent from its peak.” |NYT|
With the old people not dying off fast enough in Peter Cooper Village, real estate giant Tishman Speyer has adopted a new technique for evicting rent-stabilized tenants: claim they are not using the apartments as primary residences: “[L]ocal elected officials and longtime tenants say Tishman Speyer, which has hired three law firms to work on the cases and a licensed private investigations service to conduct public records searches, has been more aggressive.” Some have even argued that the new keyless electronic card system is being used as a metric and data gathering device to determine tenant occupancy. We heard about one resident at 420 east 23rd Street who lost her apartment because she had a summer house in the Hamptons and the management company claimed she didn’t use her apartment enough according to card entries. |NYT|
Photo: Mario Tama/Getty Images
Tishman Speyer and the M.T.A. couldn’t reach a deal on the sale of the West Side railyards: “Gary Dellaverson, the authority’s chief financial officer, said the negotiations foundered Thursday afternoon after Tishman Speyer insisted on changing the terms of the $1 billion development, which both parties had agreed to on March 26.” The historical inability to sell this stretch of property makes this old mock Absolut ad (right) both relevant and frighteningly timeless. |NYT|
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