Grateful for study on ST/PCV fire doors
I was so very pleased — and relieved — to read about the Tenants Association’s extensive study of fire doors within our community. I’m a long-time resident of Stuyvesant Town, and about 10 years ago I did my own informal “vertical inventory” of the stairwell doors on each floor of my building. (I knew that the two doors on my floor didn’t self-close and I wondered about the others.) It turned out that in my building only the Main and Terrace level doors snapped shut on their own; all the others had to be pulled shut.
I reported my concern to security at that time but, needless to say, nothing noticeable happened — at least in my building. It is truly heartening to see this newly launched major effort on the part of the Tenants Association as well as the response of the new general manager of ST/PCV.
It certainly looks like attention to this crucially important safety issue will finally be paid — and lasting solutions implemented.
Carole Jo Sharin, ST
JP Morgan report was biased
Re: “Analysts: Converted ST/PCV could be worth $4.4B,” T&V, June 21
To the editor:
It should be noted that in expressing a valuation of ST/PCV, JP Morgan Chase is not an independent party. The bank has powerful incentives to inflate this figure and favor both CW Capital and Brookfield – both to the detriment of maximizing tenant choice.
First, JP Morgan Chase follows Stuyvesant Town because JP Morgan Chase is a bond dealer. Its reports are known as “sell-side research,” because the bank seeks to encourage investors to buy the underlying bonds. For years, such “research” has been discredited as having little or no integrity in the market. It is released to inspire investors to buy the bonds with the expectation of profit. Sell-side analysts might not think they are intentionally being dishonest, but they recognize that they have a powerful incentive to calculate inflated values for the ST/PCV property, and thus inflate the value of the bonds.
Secondly, JP Morgan Chase has long had a highly profitable relationship with CW Capital and its parent company, Fortress Investment Group, a hedge fund group that manages $42 billion. Whether intentionally or subconsciously, JP Morgan Chase has powerful incentives to write reports that favor these important Wall Street clients.
Lastly, the bank disclosed only six months ago that it has ongoing securities and investment banking relationships with Brookfield Asset Management, the office building owner that is the partner to the Tenants Association.
JP Morgan failed to disclose this relationship in the recent ST/PCV report, because it was not writing directly about securities of Brookfield. However, failing to mention this obvious conflict borders on the dishonest.
The most intelligent thing we can do about JP Morgan’s report and hyper-inflated valuation is to ignore it. Another intelligent thing would be to commission an accurate report to remind the market that the property’s valuation is about 16 times the net operating income, or about $2 billion.
Name Withheld, ST
Oval Café reviewed
I recently strolled to the new and redecorated Oval Café by the fountain for a leisurely drink and croissant. There were two few chairs and at 1 p.m., none were empty. There is also a need for more pastry and half sandwiches for some lunch as well.
It is new and American Leisure will see the need for these additions and it will be a beckoning oasis.
E. Musnick, PCV
Dear Town & Village,
Is there a finer pair of film and theater critics — Seth Shire and Gene Kilik — in any publication? Seriously.