A New Era in Stuy-Town
Tishman Speyer just bought Stuy-Town and Peter Cooper Village for $5.4 billion in one of the largest real estate transactions in American history, and one that could have bog political ramifications in New York.
Met Life has an official statement here.
-- Azi Paybarah
Gosh, you mean Dan Garodnick wasn't able to save the day, after all? What a shock.
What does this mean for the residents? I have an uncle and a 92 y.o. family friend who live in Stuy Town. I have no idea what kind of leases they have. Does anyone know?
It seems like everything in Manhattan will be either a luxury condo or a housing project within 20 years. Mayor Mike would probably like to turn the projects into condos.
The old tenants will be removed. This company is about making money.
The only place you see anything about afforable housing in this new era will be on the campaign litature
EnWhySeaWonk - they probably have a rent stabilized lease if not a rent control lease if they have lived there since 1971. If they make below a certain income - I believe $29,000 - they are eligible for SCRIE, which freezes their rent at the current level.The big issue is that Tishman Speyer will use all the rules in the book to make sure that they can legally increase the rents to a point where the moderate and middle income renter can no longer afford to live at Stuy Town or Peter Cooper. This is why people need to wake up and smell the coffee- the real estate moguls will be paying our upstate legislators to keep on eating away at our rent laws. That is why we need to repeal the Urstadt Law and bring home rule to NYC so local politicans can determine the rents on these regulated apartments. In addition, there are renters living at Stuy Town who abuse the rent laws and are allowed to get away with it... hopefully that will be changed. But the downside of that is that more rent reuglated apartments will be lost sooner once they hit the $2000 mark for vacancy decontrol. It's currently a no win situation for renters in NYC.