The Blackstone Group, owner of Stuyvesant Town-Peter Cooper Village along with Kips Bay Court and other properties in the city, will stop apartment renovations in Stuy Town as the firm considers the impact that the new rent regulations will have on their business.
Crain’s New York Business first noted the change earlier this month, citing a spokeswoman for Blackstone who said the company is “in the process of evaluating capital investments at Stuy Town.”
A source also noted that renovations on vacant apartments at the complex, which has more than 11,000 units, would halt, possibly in addition to larger construction projects on the property. It’s unclear if management is currently in the process of any major capital improvement (MCI) work. The source confirmed that legally-required repairs to fix leaks or hot water service will continue.
STPCV Tenants Association President Susan Steinberg said that she isn’t sure what precisely this change will mean for current tenants.
Tenant activists gather outside an event held by the Real Estate Board of New York. (Photo courtesy of Faith in New York)
By Sabina Mollot
A group of tenant activists, dressed in black, disrupted a real estate industry luncheon in midtown last Wednesday to mourn the loss of affordable housing in the city. One of the groups organizing the effort was Faith in New York along with Tenants and Neighbors, the latter of whom have a tradition of protesting at events held by the Real Estate Board of New York.
“REBNY has led the charge for pro-gentrification and pro-displacement policies across New York for decades,” Katie Goldstein, executive director of Tenants & Neighbors later said in a written statement. “We are here standing with faith leaders and tenants across New York to mourn the death of affordable housing as we actively organize against REBNY’s policies and practices.”
With all the bombastic declarations of the many candidates running for President, and the electorate seemingly infatuated with political novices with little or no experience in government, we are reminded just this week why an experienced, practiced and steady hand in government is important.
The matter of the sale of Stuyvesant Town and Peter Cooper Village as reported in the New York Times and Town & Village is very instructive as it is very significant.
After the unwise sale by the Metropolitan Life Insurance Company to Tishman Speyer nearly ten years ago, which quickly unraveled and ultimately imploded, this community has been roiled in uncertainty and instability. At times there was near panic on the part of many tenants who were being threatened with eviction and attempts by outside suitors to convince tenants to buy their apartments at prices that were either unknown or unreliable.
The agreement announced by the city with the Blackstone Group for it to take ownership of this community is a deal that will both preserve the status of all currently rent-stabilized tenants and reserve nearly half of the total apartments at affordable housing levels for the foreseeable future. The deal also precludes any new building on the expansive green areas of Stuyvesant Town which makes this community so unique in our urban setting.
I would argue that given the realities of the housing market and the proclivities of developers, this is about as good an agreement, imperfect as it may be, for current and prospective tenants that could have been achieved.
But without the steady hand of City Councilman Dan Garodnick as well as other public officials, and the tenacious efforts of the Tenants Association led for so many years by Al Doyle, John Marsh and now Susan Steinberg, such a good plan for the future would not have been possible. These people are not novices. Dan Garodnick is among the most capable public officials in all of the City. He calmly and expertly helped to navigate this community through the ups and downs of the past ten years. He resisted quick fixes and brought an intelligence and understanding to the negotiations with the city and the array of temporary owners. He has been rock solid. A maturity that only comes from experience in government.