Tishman's Financial Woes Lead to Cutbacks

Stuyvesant Town residents are noticing major cutbacks to basic services on the complex thanks to Tishman Speyer's inability to manage their finances. Repair men, maintenance workers, and even the infamous dumpsters that are routinely emptied after midnight, have all been fired in an effort to keep the property from foreclosing.

Credible news sources such as The Wall Street Journal, Barron's, and Crain's have been following the financial crisis Tishman Speyer is facing due to their inexperience at managing a large scale residential property. Unnecessary legal battles with rent stabilized tenants, a failed landscaping endeavor which continues to this day, and investing in a slew of amenities that residents are vocally disinterested in have caused the management company to burn through their $400 million cash reserve meant to tide them over should the property ever become profitable. As it stands the apartment complex is worth 10% less now than it was at the time of purchase thanks to Tishman Speyer's blind ambition.
 
Though most of the articles mention the tough times for Tishman Speyer, they fail to mention how the cutbacks are affecting the quality of life for tenants on the complex. "I've been calling the management office for three days trying to get a plumber," says Ann Bonfiglio, a 25 year resident of Stuyvesant Town. "In the 'old' days I called maintenance one time and they were here in 10 minutes but nowadays, I basically have to send a registered letter to get them to return a call." Another tenant tells us how her recycling room looks like a landfill by days end.  "It's a disaster area down there! There are piles of garbage, piles of recycling, piles of abandoned baby carriages. The damn college kids made an eight foot tall pyramid out of empty Budweiser cans that came toppling down on me. I was trapped for three hours!"

Other residents point out a new trend among management which involves dumping large piles of garbage directly onto the streets since there is little money in the budget for dumpsters. A Sty Spy snapped the above photo of perplexed maintenance men standing over one of the many heaps found across the complex. "This place makes no sense to me," says Richard Nathan, a resident of 8 Stuyvesant Oval. "I walk through the Oval every day and they are constantly planting ferns, spinach, cabbage, bok choy, just in time for the frost to kill it all. They find money for that but they can't find money for garbage removal?"

An 86 year-old resident sums it all up. "They want us out, dead or alive. The way things are going, we'll be lucky if they turn on the heat before Christmas. I hope I live to see the New Year."