Category: Workforce housing

Stuy, stuy again? Part 5, The different future

4 November, 2015 (10:00) | Affordability, Air rights, Apartments, Blackstone, Capital markets, de Blasio, Investments J-51, Negotiation, New York City, Recapitalization, Regulation, Rent stabilization, Rental, Stuyvesant Town, Tax abatement, US News, Workforce housing |

[Continued from yesterday’s Part 4 and the preceding Part 1, Part 2, and Part 3] By: David A. Smith Not only does the story of Stuyvesant appear heading for a happy ending – at least for those still standing, such as the current mayor and the buyer Blackstone, if not for those bruised and battered […]

Stuy, stuy again? Part 4, The different prospects

3 November, 2015 (10:00) | Affordability, Air rights, Apartments, Blackstone, Capital markets, de Blasio, Investments J-51, Negotiation, New York City, Recapitalization, Regulation, Rent stabilization, Rental, Stuyvesant Town, Tax abatement, US News, Workforce housing |

[Continued from yesterday’s Part 3 and the preceding Part 1 and Part 2.] By: David A. Smith As we saw in the three preceding parts of this sage, Blackstone’s purchase of Stuyvesant Town from the post-foreclosure bondholders, and its simultaneous affordability restructuring agreement, was the logical (perhaps in hindsight inevitable) outcome of the property’s history […]

Stuy, stuy again? Part 3, The different players

2 November, 2015 (10:00) | Affordability, Air rights, Apartments, Blackstone, Capital markets, de Blasio, Investments J-51, Negotiation, New York City, Recapitalization, Regulation, Rent stabilization, Rental, Stuyvesant Town, Tax abatement, US News, Workforce housing |

[Continued from yesterday’s Part 2 and the preceding Part 1.] By: David A. Smith When MetLife (an insurance company that thought it was doing good in 1947 and paid the price for nearly six decades thereafter) sold Stuyvesant Town to Tishman-Speyer in 2006, the seller was ecstatic and the buyer was motivated – but then […]

Stuy, stuy again? Part 2, The different present

30 October, 2015 (10:00) | Affordability, Air rights, Apartments, Blackstone, Capital markets, de Blasio, Investments J-51, Negotiation, New York City, Recapitalization, Regulation, Rent stabilization, Rental, Stuyvesant Town, Tax abatement, US News, Workforce housing |

[Continued from yesterday’s Part 1.] By: David A. Smith The more I work with these vertical blog posts – taking a current event like the unexpected and beautifully managed announcement of the pending sale of Stuyevant Town to a Blackstone-led group – and using it as the dig-here point for an excavation not only of […]

Stuy, stuy again? Part 1, The different past

29 October, 2015 (10:00) | Affordability, Air rights, Apartments, Blackstone, Capital markets, de Blasio, Investments J-51, Negotiation, New York City, Recapitalization, Regulation, Rent stabilization, Rental, Stuyvesant Town, Tax abatement, US News, Workforce housing |

By: David A. Smith Ssssh … Stuy Town is for sale again A little less than a decade after MetLife insurance company sold Stuyvesant Town/ Peter Cooper Village – Manhattan’s largest affordable apartment complex with 11,241 apartments – in a billion-dollar saga that I documented extensively at the time, the complex sold again and by […]