its ok to end r.s. if you bribe current renters

Yesterday, Guterman-Westwood Partners mailed a three-page letter to StuyTown’s 25,000 residents touting its plan as financially superior to Brookfield’s plan, which hasn’t provided any specifics.

In the letter, Guterman promises tenants a purchase price “equal to or less than” current rents.

Guterman also said his co-op conversion plan will move faster than Brookfield’s condo conversion due to the complexities involved in converting so many units.

StuyTown’s 56 buildings have 11,250 apartments. Converting each individual unit could take five to seven years, Guterman told The Post.

With a co-op conversion, he expects to buy the entire property in one fell swoop and re-sell the units back to tenants at around $315 a square foot, which he said will take just two years.

http://www.nypost.com/p/news/business/stuytown_tenants_wooed_tHE4xVeRZslON0MUWtUNgK

How do these things work? Do tenants need to have lived there for X years to get offered the buying option?

Sure, he's going to sell the units to tenants for $315/sf. Somehow, don't think that is going to happen, unless he's an idiot.

Wonder what the common charges would be?

PH if they are going to sell the apts to anyone they will need to price them low. If the RS apt renter will be even interested in giving up that status the price has to right. I'm talking about the real RS renters - low. The new ones are paying almost market rent and at this time are not being raised at the level established by the city. Since a formula was never decided upon rents are being raised at around 8 percent this year. It's very complicated. If they priced the apts much higher then nobody would buy them so what's the point?

Does anyone know how to track developments in this sort of situation? I was going to move into a 2 bed but I want to know if I would qualify being a recentky joining renter. I already need to crunch the numbers with these 8% rent raises... May make it more attractive.

> I already need to crunch the numbers with these 8% rent raises

didn't rent stab have only 3% increase this year?

cccharley- IMHO for "real" rent stabilized tenants no price will be low enough. And the new owners will, surprise, want to make money from the transaction.

For ar anything under $500/sf would probably be very appealing

I thought aboutready had found a place in East Harlem and was moving there?

ph41 not true. I am a "real" rent stabilized tenant and I am motivated to buy for the certainty of ownership. I have to worry everytime we have a sea change in albany if the stabilization laws will be eroded, the possibility that yet another owner will try to bully us out of our apts. Would be nice to not be pissing away rent every month(albeit lower than market, it is still not chicken feed)

caroldo1, have you done the math in terms of what buying means vs. the rent that gets pissed away?

czaroldo1 - don't you think $500-$600/psf is below market (as in pretty far below market)? Would you buy at that price? Or would it have to be $300 or less?

Czar Oldo 1!

stuytown is at least a third full of post grads cramming three bodies into one bedroom apartments. i wonder how many of them are potential buyers?

where did you get that statistic from?

how many people do you kmow at stuytown you vile piece of shit? the turned over 8000 apartments in the last 12 months. i know that because the vp of.leasing for rose associates told me that was what they had to do last winter having dinner at nobu. who do you know at rose associates peodophile?

so...you pulled this stat out of your ass?

cant you read? 8k f 25k is about a third pedophile

1. i am not nor have ever been a pedophile
2. the fact that you make a claim does not constitute a fact

3. are we really supposed to believe that you are a successful real estate agent who hangs out here just to curse out people?

pedophile. i dont care what you believe. i believe you are molest little children.

who do you know at rose associates? whenwas the last time you were at either pcc or stuytown?

so who the fuck are uou to challenge something i say?

what is the basis for your belief that i am a pedophile?

the same as your basis for everything else you state with such certainty?

why do you hang out here and do this?

why do you pedophile? when was the last time you commented on a real estate topic here?

you according to you i am a pedophile because you don't like my comments?

really?

once again, why do you hang out here and do this? what is your point? what are you trying to achieve?

pedophile. answer my question. when? weeks? months? fuck you scumbag.

do you call everyone a pedophile?

are you nuts?

two comments today,one directed at me (big surprise) one calling riversider a liar. what value do you add? you should be put to sleep, like a sick animal.

so...you agree that i'm not a pedophile?

but, now you are suggesting that i should be killed? like an animal?

are you hoping to influence people with thoughts like this?

if not, what is your agenda?

you are a pedophile, and should be put to sleep.

do you think that repeating something over and over makes it true?

or, are you nuts?

ok...its clear, you're nuts.

why,because you were the last one to write something pedophile?

do your neighbors know? do you have to stay registered with thre state?

you come on here and curse and rant and rave and make everything up.

that's the definition of nuts.

it's ok to do whatever you want if you bribe anyone who objects to it. that's good life advice!

what have i made up cunty? dont you do the same thing? how about paranoid delusions? thats more nuts

caroldo1: Well said. Those are exactly the reasons we bought, after twenty years as rent-stabilized tenants. Albany controls enough aspects of our lives (not to mention the additional control exerted by Washington). We decided it was time to take charge of where we live.

There are a lot of myths about rent-stabilization, particularly about the rents that stabilized tenants pay and the prevalence of tenants "gaming" the system. Of course, cheating happens - on both sides of the landlord-tenant standoff. But what's much more prevalent, I think, is tenants and landlords responding rationally - and legally - to perverse incentives and unintended consequences of poorly crafted legislative compromises. The subject would make a good chapter in the next "Freakonomics" book.

"those are exactly the reasons we bought, after twenty years as rent-stabilized tenants. Albany controls enough aspects of our lives (not to mention the additional control exerted by Washington). We decided it was time to take charge of where we live."

Oh PLEASE!!

You bought because you hit the rent stabilized tenant lottery in the condo conversion - Landlord bent over really really low as they knew you'd NEVER move with the absurdly low rent you were paying. And voila - you bought when the price went way way down.

END OF STORY

Though that "Albany controls enough aspects of our lives (not to mention the additional control exerted by Washington). We decided it was time to take charge of where we live." sounded really good, though total BS.

murray888: According to public records, the successor sponsor paid around $260/SF for the remaining rent-regulated apartments. (They told us their all-in cost was closer to $350/SF; our apartment was probably toward the upper end of the value spectrum, so call their basis for our unit $4-500/SF.)

They sold to us for $750/SF. A markup of 50-90% doesn't fit your description of "bending over really really low." We struck a deal that made sense for both sides. They booked a nice profit. We shed a lot of uncertainty, and gained the freedom to maximize our earning potential. We could have held out for a better deal - as most of our fellow RS tenants are doing. That's fine for them, and I hope they do better than we did. We'd just had enough of holding our breath every time the Legislature went to the brink on extending rent regulation, and of having to pass up potential income every other year.

The pre-2005 owners of the building were probably the clearest winners: they got a great price from the original sponsor, very near the top of the market. The loser was the original sponsor, who gambled on decontrol and lost.

I don't think the lottery analogy fits very well. We were certainly fortunate, as were the other "winners" - just not in the random manner of hitting the lottery. The successor sponsor was fortunate to buy the unsold units at the absolute bottom of the market. The pre-2005 owners were fortunate to sell near the top. The original sponsor was unlucky with market movement and a legislative stalemate; that was the risk they took when they bought the building. We all made economic decisions that involved certain risks and potential rewards, with much higher stakes than the impulsive "dollar-and-a-dream" imagery of the lottery.

I'm not sure what your basis is for saying that our rent was "absurdly low". The range of rents paid by stabilized tenants is enormous. At the time we bought, our rent was by far the highest in the building. It was still a good deal, relative to market rents in our neighborhood; but anyone with whom I share the number is invariably shocked that we were paying so much on a stabilized lease.

Our so called stabilized price is almost $3K. Anyway, since there is no formula for calculating our PCSTV apts - these are apparently the apts that were destabilized illegally, Rose is now not following the percentage set forth by Albany. Last year it was a rise of 2.25 or so for one year. This year 3.75% Rose instead is raising us about 8%. Until the courts decide how to deal with the churning issue we have no idea what the rents should be. They could be lower or all the way up to over $4K+ - which nobody will pay anyway for a 1 br. Last year they followed the stabilized numbers. Had I known they weren't going to do this again I would have signed a 2 year lease. Since I didn't, if I choose to resign, my rent will go up a few hundred which may not seem a lot to you but it is a lot for us. Not sure what we are going to do. Moving may be more expensive and if it does go Coop/condo it would be a shame to give up that opportunity to buy if we get a chance. I tend to doubt this will ever happen and if it does it will take years./

http://www.brickunderground.com/blog/2010/09/stuyvesant_town_rumors

I did not write that. My handle was given to someone else.

Your whole persona is a lie it seems