Stuyvesant Town condo conversion

http://streeteasy.com/nyc/talk/discussion/29115-its-ok-to-end-rs-if-you-bribe-current-renters

beware--riversider is a known liar.

and columbiacunty likes little girls.

any indications of per sqft cost for the condo plan?

Not yet. Will have to be enough to make the sellers interested but not too much to scare way rent stabilized tenants

When is stuy town supposed to convert to condos?

This will be interesting, as a hobby I am always pricing apartments for fun.

There are so many factors with those 11,000 apts. I don't know how many price brackets they will put into place.

IE, I suspect the 14th st location would be preferred to the 20th st location.

The high floor apt's to ground or low floor apts.

The "view" apt's of the oval and the river, compared to the ones that look straight into another building. 3 Bedrooms pst, compared to the 1 and 2 bedrooms psf.

The apt's that have been totally renovated by the sponsor compared to those that are in Rent Stabilized condition.......and on and on with pricing variables.

Or if they even out an average price to cover all of the above, depending on there apt, some tenants will get all the "positives" and they will probably rely on those tenets/apts to get there conversion numbers.

It will be interesting to watch.

It will be very interesting how they break it up to get brackets for ppsf.

I much rather be on 20th than 14th

MAV Interesting about 20th st over 14th st. I don't specialize in that area, my point was more that one would probably be a more preferred location and should be taken into account.

why would 20th st be better than 14th st? If you wanna use the L (or even get food delivered from the restaurants in the East village) wouldnt the 14th st side be better?

Even the rental rates today are skewed towards the south west corner. I m curious as to your reasoning.

thx!

Tenants apparently will be given the option to swap apts. So Gabrielle904, have you come up with a range based on the considerations you proposed? 600sq -900?

Btw.. We were told it would convert in 24 months with another two year time period o decide and come up with a down payment.

When Met Life tried to end rent control on Stuy Town by raising rents the tenants screamed unfair & illegal and took it to the courts, now that they've been offered the potential for a profit, they're eager to hand over their money to the next guy involved. Anyone ever see Mamet's House of Games?

Caroldo1:
Do you have details on which specific buildings they will begin this process, are there any restrictions or minimum time you need to have rented to qualify, etc? I read that there is also another potential buyer who wants to turn them into coops. I find it interesting Stuy Town told you 24 months because there are also a bunch of lawsuits pending, I believe.

RS: don't you see any difference between a voluntary transaction, what we call a "sale" in market-based economy, and an involuntary, illegal taking, what we call "theft" in ordinary English?

In riversider's mind krugman's Nobel = Riversider deVry economics award for best attendance.... On - line attendance

equal?

cream cheese man knows that he is far smarter than the nobel prize winner. what does he (Krugman) know about cream cheese?

columbiacounty seems to have a cream cheese fetish

columbiacounty
25 minutes ago
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uh oh...do you hear the sound of a cream cheese choke?

w67thstreet
18 minutes ago
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In riversider's mind krugman's Nobel = Riversider deVry economics award for best attendance.... On - line attendance

Where did w67thstreet get his economics degree?

RS. Finance guy gets it. The tenants will take control over the complex where we live and have relationships with our neighbors, their children and the people who work here. It is called a community. We will make sure that open space is protected and no one will be asked to leave. Surely, we have arguments about everything at condo meetings and make mistakes but it wll be ours to make.

This is a very complex conversion, nothing has ever been done on this scale before..my understanding is that the Roberts decision has been settled in the courts which is why this is moving ahead. I think anyone living here at the time of the conversion will be given the opportunity to own..

Caroldo1:

So your saying 24 months to convert and another 24 month window for people to get there down payment
funds together. I assume a purchaser could buy anytime within that 24 months, meaning, if a purchasers down payment was in order they could buy in the beginning of that window.

Also, do you know how the apt swap works? I am in a 1br, just had a baby, looking to get a two br. I assume many people are looking to do this so I am worried there wont be enough to go around.

Also, is this public info? where are you getting your info? - Thanks

RRraphael98: http://www.stpcvta.org/
You can watch a video of the meeting. Congrats on your new baby!

RS: don't you see any difference between a voluntary transaction, what we call a "sale" in market-based economy, and an involuntary, illegal taking, what we call "theft" in ordinary English?

nope, because the tenants are acting out of greed, and many plan to sell and realize a profit or rent out. If the legal case against the former owners was about protecting rent stabilzation then this is a slap on the face. Either way, sold units are taken out of r.s.

Riversider you don't have the facts straight.. There will be protections so that investors cannot flip their apts. At leSt 10% will remain rentals always. Tenants can buy very low with restrictions that the apt will only be sold as a restricted income apt. This will not be the typical conversion you are imagining, it is being carefully designed to retain the integrity of the original intent.. A place for middle class new Yorkers to raise their kids.

Caroldo1: things are never that simple. There are a few buildings that I know of which are "restricted income". What can end up happening is that, if prices aren't fixed, that the apartments soar out of reach for families with that income unless they have large sums of money from somewhere else. Because the city generally grants tax breaks to restricted income buildings, that begs the question of who is subsidizing whom?

I can tell you my intention is buy with the view to rent out asap, hence my preference for a condo plan.

Nyc10023.. I don't think there will be anything simple about this and it has never been done on this scale. My understanding is that the apts that are bought at very low prices rather than an insider price that is below market but still NYC market crazy will have very heavy restrictions when sold. There will no doubt be some restrictions on the insider price apts at resale as well to discourage investors looking to flip them. Also..only one per tenant so there goes my dream of a duplex.

Caroldo1, I don't think that what you have in mind is going to occur. The programs that created income-restricted homeownership apartments, such as Mitchell-Lama and HDFC, don’t exist anymore. They would have to be recreated from scratch with subsidy money that the city doesn’t have right now. Far more likely is that this becomes a straightforward, though huge, non-eviction condo conversion. Rent regulated tenants would be offered insider prices at well below market to induce them to buy rather than continuing to rent at stabilized rates. Non-regulated tenants would be offered an insider price much closer to market, and pushed out if they don’t buy. Vacant apartments would be sold at market rates. Depending on the sponsor’s strategy, they may offer buyouts to stabilized tenants who can’t afford to buy their apartments, so that the vacated units can be sold at market rates.

Riversider is 100% correct. The tenants argued that rent stabilization “needed to be protected,” but now that they have the opportunity to own their apartments, they’re more than happy to remove them from the “affordable housing” supply permanently.

no...they argued that their legal rights should be protected. no one tricked Met Life or its successors. The law is the law.

wellheythere:

FYI, all units are now regulated (rent stabilized)

The offering prices will be the same, (except for units closer to 1st ave, higher fl, etc)
Caroldo1, correct me if I am wrong, I did not go to the TA meeting.

I know that the impulse here is to base Stuyvesant town conversion on previous conversions but according to the ta meeting , u can see it up on the website ther are three pathways.. Stay rent stabilized, this is a non eviction conversion, buy at very reduced amount with a lot of restrictions and thirdly, buy at insider below market with some but less restrictions. Yes, the per sq ft. Would be variable on location, etc.

>columbiacounty
about 4 hours ago
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no...they argued that their legal rights should be protected. no one tricked Met Life or its successors. The law is the law.

Now you are Judge Judy as well?

>nope, because the tenants are acting out of greed,

What is the line you draw between greed and natural, prudent human self-interest?

any one here anything new on this front? I wish they d set some clear (and hard) deadlines. Being stuck in limbo doesnt help folks trying to buy an apt in this market