"According to the New York Times article, T-S lost millions in dollars of revenue due to "legal fees". 560 apartments is 5% of complex which in-line with of the percentage of apartments that were being converted per year since the market rate conversion practice started in year 2000. Why are there higher legal fees but the same amount of apartments being deregulated in 2007? The answer is T-S is lying to investors in order to screen the fact they are paying themselves a management fee and doing a horrible job managing the property.
Remember when the vacancy rate was 10%, Buddy Perrone blamed the "lengthy renovation process".
This management fee arrangement is a clear-cut conflict of interest and investors should be suing."
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T-S markets themselves as committed to “sustainable developments across the globe.” Yet, Peter Walker’s Landscape firm doesn’t seem to lead the way in terms of sustainability. I am appalled at all the lawns now placed throughout the complex. Lawns are extremely unsustainable; they pollute the environment, destroy biodiversity, and are completely wasteful. A recent article in the New Yorker Magazine, “Turf War” by Elizabeth Kolbert and the website Tristate Food Not Lawns, tap into these issues dealing with “our addiction to grass.” Lawns are passé, appealing to the nouveau riche, but not the wealthy progressive. The earth’s 6th mass extinction of species is underway and squirrels in Stuyvesant Town keep disappearing. Billionaire elite groups that control the world’s economy will have to stop promoting unsustainable practices around the globe from Dubai to NY using undocumented and slave labor. Is this the second gilded age?
Maybe the Rendon Group should consider rounding up all the Tish-Spies and the PWPs and making them rip off their newly installed lawns with their convoluted and compulsively obsessively designed irrigation system. Recycle all hoses and tubes into non-leather black jackets and belts and sell them at boutiques in the East Village to the “consumer-oriented environmentally-friendly punk wannabes” coming now to pay $3000 for their apartments in the City. Then, they could bring a certified permaculturist to design edible forest gardens at PCV/ST. Transform all the Oval glass amenities into urban agricultural farms (like the Science Barge http://nysunworks.org/?page_id=9) and grow vegetables using “recirculating greenhouse hydroponics.”
Life as we know it will have to ultimately change as we bridge into the 21st century and the year 2012. Spiritual wisdom, native mythology, the power of the people and real democracy will rule the way as we enter into the new millennium and challenge our leaders who mistakenly have taken us away from Nature and Humanity.
This could be the start of a new plot for a 21st Century remake of the film, The Freshman.
http://en.wikipedia.org/wiki/The_Freshman_(1990_film)
Makes me want to move to Jersey. (any exit!)
Well. Maybe these "investors" like to get a little tipsy and watch reruns of Law and Order and so Tishman Speyer is just squirreling a few dollars away so they don't go and blow it all on Hearty Burgundy, Wheat Thins and Easy Cheese! Now if I may, I'd like to gey back to my reading...
Not only should the investors be suing, the tenants should be suing as well. This place is in shambles and there is no reason for it except greed and poor management skills. I feel as though my home has been ruined. But moving to New Jersey? No way!