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There may be some high-flying developers and investors interested in buying Stuyvesant Town-Peter Cooper Village, but the underdog bidders to capture the public's heart of the sale might just be the tenants of STPCV themselves. Really: The Stuyvesant Town-Peter Cooper Village Tenants Association reports that tenants are interested in forming an investor group to make a bid. A tenants-investor group would try to preserve stability for tenants - both market rate and rent-stabilized. Now, how a group of tenants will get billions ready for a bid is another question, but it'll be interesting to see how the tenants fight the sale of the complex. City Councilman Dan Garodnick, who lives in Stuy Town-Peter Cooper Village, is working with the tenants' association (he even tried to visit all 100 buildings in the complex during his election run last year!).
The STPCVTA has prepared a fact sheet about the sale and how it affects tenants, for instance, "In pursuit of profit, such a buyer might change the layout of the property, remove green space, add stories on top of buildings or construct new buildings altogether." No kidding - the 80 acres that STPCV covers might be the most valuable thing about the deal.
Some questions about the sale and an old post about Stuyvesant Town management trying to kick out tenants over pets.
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As if the new resident owners won't eventually try to flip their purchases at market rates.
There will be a 2-3 year no flip clause.
I have the nagging suspicion that if that sale goes thru, those 80 acres will be leveled and then redeveloped from scratch. Out with the old, in with the new. Literally. I mean mean OUT.
Prime downtown NYC real estate is NOT going to be allowed to 'languish' unproductively such as at present when it could ALL be 'redeveloped efficiently' for a huge profit. 80 acres?. That's a chunk of real estate man!.
Mark my words: StuyTown is soon to be no more.
That's why the city needs to get involved. Nobody should be giving 80 acres away in the Lower East Side to a syndicate of developers. That's just corporate fascism. Thankfully the zoning laws will prevent the place from becoming an amusement park on the river or something, but mre things need to be done to prevent what the above comment is saying.
I'm totally in agreement but you know what the develepors argument will be?. They'll say, "But this is not a communist country and we have a right to develop the land as we see fit because it's our private property" or some crap along those lines.
Let's face it, we're living in an era were "money talks" and man it just won't shut-up!. If anyone mentions the 'interests of the people' they just label you a socialist and dismiss your argument outright.
Best case scenario: they limit themselves to adding more units somehow or,
Worst case scenario: They either get rid of or eventually phase-out the older tenants and then scrap the whole neighborhood to start from scratch.
Unless something unexpected happens (like Jesus Himself comes down from Heaven to intercede for example)then StuyTowns countdown will begin the moment the sale is done.