Book captures humanity in ST/PCV history
To the Editor:
Dutton Publishers is having an evening of discussion with New York Times reporter Charles V. Bagli, author of the new book, Other People’s Money: Inside the Housing Crisis and the Demise of the Greatest Real Estate Deal Ever Made, at the Stuyvesant Town Community Center, April 4 at 7 p.m.
Other People’s Money starts somewhat like the movie, “Wall Street” (picture, if you will, a Michael Douglas and Charlie Sheen type on their way to 200 Park to cut the deal with MetLife for the sale of the century…this was the Tishman team!). You are the fly on the wall, privy to these negotiations, step-by-step as it swiftly unravels.
Chronicling the creation of the complexes, the book delves into the holiest of holy reigns in NYC history…La Guardia and Moses with Ecker …please genuflect now! The transition of MetLife being owned by policy holders to Benmosche’s “sleeping giant’s” transformation to a stockholder corporation is depicted, and why this redirected the mission of MetLife in regard to its real estate holdings and investments once, revered by insiders as cash cows and sacred.
Bagli nailed the humanity of it all in each tenant of Stuy Town-PCV he quotes; in relaying the history of the ground-breaking WWII veterans tenant-led successful desegregation campaign; and in the depiction of Al Doyle’s and Dan Garodnick’s leadership and profound integrity.
In interpreting the mega-complexity, of the mind-boggling, wheeling and dealing through the years of this historic sale, and the later monumental default that was prevalent and frequent at that time in the “Wall Street Casino,” many readers [like me] will appreciate the explanation of the layer upon layer of complicated debt structure and how the bond holders now still expect to be compensated.
We are now forever in the history books for the notoriety of this infamous deal, but Stuy Town-PCV is our version of the “American Dream” that you hear frequently and vividly defined for the public by the finance community. Our dream is continuing to live in our beloved homes in the middle of marvelous Manhattan.
Bagli’s book is a must read for Stuy Town-Peter Cooper Village tenants and those intrigued by this blockbuster event!
Marie Beirne, PCV
Co-producer, oral history documentary project
for ST-PCV Tenants Association Landmark Committee
Airing the dirt on laundry
Last month, the tenants in Peter Cooper Village and Stuyvesant Town received CompassRock’s latest missive regarding the basement/laundry rooms.
According to the list, there are some 51 washing machines and 50 dryers scattered throughout the complex. At one time there were numerous washers and dryers at 2 Peter Cooper Road, not the 14 washing machines listed.
I’ve been to 2 Peter Cooper a number of times in an attempt to do a laundry but found that the machines were all being used. At this building, the laundry room was not damaged so the machines are usable. However, it appears that a fight ensued which prompted CompassRock to have a security guard posted.
Wait time is ludicrous. CompassRock should not expect us to go from building to building until we find a usable machine. Because of this, I have been forced to use the laundromat across the street. It would be appropriate for CompassRock to offer compensation for loss of the availability of laundry services in each additional building.
Are we to believe that it will take nearly a year for the basement to be available?
Marcia Robinson, PCV