Stuyvesant Town residents have organized a canned food drive to be held at Oval Lounge this weekend for their cash strapped landlord
Tishman Speyer. The event hopes to raise enough food to feed the financially devastated corporation and their families straight through the holiday season.

Over the summer reports of Tishman Speyer's money troubles began surfacing in
The Wall Street Journal,
The New York Times,
Crain's,
Barron's, and the
New York Post, all reporting Tishman Speyer is continually losing money on Stuy Town. Lengthy legal battles attempting to evict rent stabilized tenants and an expensive, unhealthy obsession with landscaping has caused Tishman Speyer to burn through more than $400 million in just two short years. Their legendary mismanagement of the property has become so bad they have made the 80-acre Manhattan property
worth 10% less than when it was purchased. As their major investors
continue to lose money, the future of Stuyvesant Town looks bleak.
In an effort to save what little money they have left Tishman Speyer recently rolled out several cost-cutting initiatives. They replaced all of the washing machines on the complex with units that use less water and electricity and have begun turning off electricity in buildings between 3AM-6AM. Hundreds of security officers and maintenance men have been relieved of their duties and now Tishman Speyer is planning on charging residents for utilities that are already included in their rent.
All of this pathetic penny pinching is sending the message to Stuyvesant Town residents that their landlord is desperately struggling to survive in a troubled economy. With the help of
The Food Bank of New York City, Stuyvesant Town residents have organized a canned food drive this weekend at Oval Lounge. They hope to receive enough donations to keep the Speyer family fed straight through to the New Year.
"At first I was furious because they haven't turned my heat on yet, I mean, I have a newborn," a tenant tells us. "But then a neighbor told me that Tishman Speyer has no money and I felt bad. I have a few cans of cranberries I'm donating."
"I'm donating everything! Creamed corn, old tuna, and pumpkin pie filling," says a resident of 449 East 14th Street. "I'm afraid that if we don't help the Speyer's now, they'll be selling the doors and mailboxes for scrap metal. We all have to make sacrifices."
Mary-Anne Riley, the tenant responsible for organizing the event, said she got the idea to utilize Oval Lounge during a recent walk through the Oval. "There's never anyone in there except that one girl who tends the space all day long. I know a canned food drive was not the type of event Tishman Speyer intended to host at the lounge but at least it will be used in a
non-violent manner."
Donations can be made all weekend long by dropping off canned food to the Oval Lounge. The Speyer's thank you in advance for your generosity.
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