Rent spike @ Sty Town? Year sure goes by fast

... executives said, CW Capital may raise the rents even higher, to what they believe are the legal limits for the units.

Didn't the last financial buyer say the same thing? But it's different this time, the laws of supply and demand can be bent to this mothfker's wishes.

If they were to raise rents while the case is before Judge Lowe, it would be suicidal because it would poison a settlement. They won't do it.

It truly seems that only non-New Yorkers could have ever assumed that StuyTown/PCV complexes could ever be priced as luxury developments. Crazy, crazy

I just don't understand why anyone would want to rent a one bedroom, no doorman for $3k or more.

they already have spiked up the rents. i suspect the impasse is being caused by the servicer insisting that their calculations (including a vacancy increase every time the unit turned over) and attorneys for the tenants insisting that those vacancies likely only occurred due to increases in free market rents that should never have occurred in the first place.

which is why the discrepancy is so huge in terms of the RS rates being offered on the former "free-market" units. i strongly suspect they are only renting out the units that have had multiple vacancies, and since there was a lot of NYU-related turnover here there are plenty of those units for them to rent.

julia, some might view it as a one or two-year option, if the building goes coop you win, if it doesn't you lose the additional amount you paid to secure the option. although i agree, the prices they are asking are crazy. the leasing offices are dead.

Ar...I totally agree with you...I was tempted for that very reason if the bldg. goes coop but I simply felt it was too much of a gamble at $3k a month...I've called numerous times asking about renting for under $3k and they will not budge.

They may want the apartments empty. Makes sense if the coop plan is being discussed.

if they want the apartments empty, they would not make them available. why do you always try to find a conspiracy where there is none?

As I said.. They want the units empty.

http://therealdeal.com/newyork/articles/cwcapital-to-begin-conversion-of-570-units-at-stuy-town

Financial rating firm Fitch Ratings said today the special servicer at Stuyvesant Town plans to begin the conversion of 570 vacant units at the sprawling complex on Manhattan's East Side.

Are you really this stupid? Convert to what?

animism?

come on rent stabilizer. can't you find a stupid you tube?

Rents are up since last year this time in most of Manhattan, except perhaps at the higher price points. Shouldn't be a surprise for StuyTown or elsewhere as the day-to-day outlook of Manhattan is better than last January coming out of a lousy 2009 and 2008.

Cuntersburger. Is stuy town out of limbo? R 20k shadow inventory gone? R bankers bonuses up? R interest rate back to pre crisis level? Have foreclosures stopped? Stfu you Fking pos re borker. Kiss your 2007 compensation goodbye. Every year you fill out your 1040, think of w67 Fking laughing so hard, little pieces of spittle flies into your unblinking eyeball.

My family 1040, up. Cost of living down! 50 foot yacht, for pennies on the $. Fk u dipshit.

>Cuntersburger. Is stuy town out of limbo? R 20k shadow inventory gone? R bankers bonuses up? R interest rate back to pre crisis level? Have foreclosures stopped? Stfu you Fking pos re borker. Kiss your 2007 compensation goodbye. Every year you fill out your 1040, think of w67 Fking laughing so hard, little pieces of spittle flies into your unblinking eyeball.

For some reason you've been opted in to me.
Anyway, is StuyTown out of limbo? No.
Are 20K shadow inventory gone? I don't know the truth of this or not.
Are bankers' bonuses up? On the whole, no
Are interest rates up? No
Have foreclosures stopped? In NYC? Not many

What does any of that have to do with rents being up?

When did I become a real estate broker?

What does your 1040 have to do with my 1040? But if you must, my 2010 comp was 90.5% of my 2007 comp in part because of some deferral from 2010 to 2011.

Gothamist has an article on the continuing repercussions of this including the windfall payments from the lawsuit that went to pay ex tenants who were never supposed to be stabilized, thereby increasing costs for those who were intended to benefit from the rent regs:
http://streeteasy.com/talk/discussion/33965?last_page=true
http://gothamist.com/2016/03/31/stuy_town_affordable_housing.php