An article published in The Wall Street Journal today reports Tishman Speyer is losing $7.6 million dollars a month on Stuyvesant Town and Peter Cooper Village."Tishman Speyer needs to make about $16.6 million in monthly interest payments on the $3 billion mortgage it used to buy the property, while the sprawling complex -- called Peter Cooper Village and Stuyvesant Town -- in midtown Manhattan, currently is generating some $9 million in income every month, according to Citigroup Inc. research, The $7.6 million debt-service shortfall is being covered by an "interest reserve" that was established upon the closing of the deal. The reserve, totaling $400 million at closing, can service the debt until 2011 or so."
Who knew complicated lawsuits evicting stabilized tenants, round the clock landscaping and construction, and ad campaigns promoting non-existent amenities, oh, sorry, "essentials" was so expensive?
Full article: From a Doorman to Dorm Rooms
I hope they don't try to solve the problem with jewish lightning!
I wonder what these stinking bastards will do next to try to squeeze money out of us? I am determined not to move out, no matter what. Beulette said I can move into the trailer with her if the rent gets too high or I get sick of having to kick the drunken students in the nuts as I step over them to get into my building. But Beulette's trailer looks like TishSpy has already renovated it. Tacky, tacky, tacky! Ugh! So long as Beulette helps me with the rent from her earnings at OvalSlut, I think I'll be able to afford the 25 MCIs that are in the works.
What is Jewish lighting?
Only 7.6 million? That's not as bad as we all thought. According to my calculations, if they can get it down to a mere 7 million a month, they'll be in much better financial shape. I for one am going to include an extra $10 a month in my rent check.
I googled "jewish lightning" and it is the old practice of burning a building/buildings down in order to cash in on the insurance money. Oh my! Beulette's trailer is a tinderbox! I hope they don't resort to that! With all the ammo and guns she keeps there for protection, it would be like July 4 all over again!
Jewish lightning is also blatantly anti-semitic . . . just as Stuy Town used to be.
Oy!
If there is any anti-semitism festering here it is largely to blame for the fact that Tishman Speyer are trying to convert Stuyvesant Town to the level of the Lower East Side slums of circa 1900 - cubicalized apartments with no thought to health and fire hazards; washing machines that use two cups of water and a teaspoonful of detergent (as if that could actually get clothes clean and kill any bacteria) reminiscent of washing clothes in a basin of murky water, and a pushcart market in the form of that pathetic greenmarket they put up on Sundays. They are the ones bringing us down to the living standards level of their great grandparents. Nice going, Robbie and Jerry.
Ah, that block looks like Warsaw on a bad day in January. Pretty much sums it up for ST.