Today, the NY Sun tackles the emergence of "luxury rentals" at Stuyvesant Town. Yes, Stuyvesant Town and Peter Cooper Village are trying to be "Luxury Town/Village," but the Sun finds that the "1947 plaque proclaiming 'the vision' by which 'families of moderate means might live in health, comfort, and dignity in park like communities' has been taken down, though by whom is an open question." But more shocking than the transformation into higher-end rentals, it's that the digs are not for the swells.

These may be excellent moderate-income projects, but they are far from elegant. A young lawyer, Eric Lipman, who moved into Peter Cooper Village last March, says, "They're advertising luxury apartments when there's nothing luxurious about them. No doorman. No gym. No amenities. They put in new fixtures, but nothing super-fancy. Just GE - works fine, but that's it."

Mr. Lipman signed a one-year lease for $2,250 a month for a one-bedroom. Since April, he's been paying $2,800 and is now looking for an apartment elsewhere. "I don't have a problem with their turning a profit," he says. "But it's a cost-benefit matter. I don't think it's worth that. And for that kind of money, I'm fairly confident I can get an apartment in a building with a doorman and a gym."

Hmm, some shiny stainless steel model appliances, and you've got a luxury apartment - keep that in mind when writing your next craigslist apartment ad. A few months ago, we felt that paying $3000 for an apartment at Peter Cooper Village was only for morons - and we still feel that way. It's great if you work in that 10 block radius or thrive on the East Village and Williamsburg nightlife but it's hardly the greatest thing ever. Overpay your rent somewhere else!

Check out the Peter Cooper Village-Stuyvesant Town Village website.