Gothamist: Winning Bid for Stuy Town Had Extra $70 Million

Market Renter

Wed, 18 Oct 2006 11:12:17 -0500

I don't feel sorry for alot of these so called middle class regulated tenants. Our neighbors in Peter Cooper Village are a doctor and a lawyer. They got in in the 80's because she went to NYU. Is there a reason they should pay less than half of my rent other than timing and dumb luck? It's in our interest to bring up market supply- it will help our rates. On a side note, new restaurants are coming as well as a Gracefully. This hood is coming up!

Eyah

Wed, 18 Oct 2006 11:02:46 -0500

Yeah, brilliant statement. Manhattan = ghost town. But I think you're on to something.... no life in Manhattan...island packed with dead people... omg! Manhattan is full of zombies? Run! Aim for their heads! Someone should make this into a movie...

wkeaf

Wed, 18 Oct 2006 10:51:12 -0500

Whatever - all the good stuff that used to make Manhattan what it was is all in Queens and Brooklyn now anyway. So, why do people even care about living in Manhattan these days? It's a ghost town as far as any kind-of energy or life is concerned.

timbnyc

Wed, 18 Oct 2006 10:43:42 -0500

So the winning developer's main business is office buildings. Seems to me the deal for them is all about the land - eventually they'll bulldozer the buildings and put large commercial and residential buildings. What would it cost to put together a parcel of that size anywhere else in Manhattan? I bet it would be a hell of a lot more than $5.4B, and take much longer than the - what? two month bidding process here? Do rent regulations restrict an owner from demolishing a building? Do they just have to buy out tenants to do that? Durst wasn't shy about handing out million-dollar pay days to tenants and owners in Brooklyn for the Atlantic yards development.

John

Wed, 18 Oct 2006 10:35:51 -0500

Heaven forbid that the middle class of Manhattan should have to move to *gasp* - the Outer Boroughs! Take a look at the Bronx & Western Queens, folks. Also, does anyone else find the $200k x 3 years limit on rent stabilization insanely high?

Miquel

Wed, 18 Oct 2006 10:30:43 -0500

Don't get me wrong, I don't want the luxury gated owners in here any more than anyone else, but... This crusade to protect the middle class is hilarious! Anyone who is lucky enough to get into Stuy-Town is rich, rich, rich...or connected. Whatever...move back to Long Island or Jersey...or craigslist it up like the rest of us orphans, I say.

hr

Wed, 18 Oct 2006 10:27:54 -0500

Zac: Yes. I'm sure you know more about real estate aquisition than Tishman-Speyer, Blackrock and Calpers. (rolling eyes)

homo

Wed, 18 Oct 2006 10:26:18 -0500

everyone who lives in stuyvesant town is rich anwyay, It's like they pretend to be middle class but make an average of 100,000 a year. they deserve to have their rents raised. Stuyvesant town is luxury within a housing project with decrepit elevators. The place sucks.

Zac

Wed, 18 Oct 2006 10:22:11 -0500

I feel bad for the developers and the California teachers who are going to lose their pensions in this swindle of epic proportions.