Via the ST / PCV Tenants Association
The Stuyvesant Town/Peter Cooper Village Tenants Association announced today that it has retained the law firm of Paul, Weiss, Rifkind, Wharton & Garrison LLP to provide counsel that will help the TA meet its goals of preserving the property's long-term affordability and ensuring adequate maintenance.
Paul, Weiss is widely recognized as one of the top law firms in the country, with robust real estate and restructuring practices-expertise the TA is seeking for the upcoming complex negotiations over the future ownership and management of STPCV.
"This is a firm that is second to none, and we are proud to have them on our team," said Al Doyle, president of the Tenants Association. "If anyone thought the tenants were not a force to be reckoned with at the bargaining table, they will now realize that we are serious, we are organized, and we have the resources we need to determine our own destiny in this process and ensure we are treated fairly."
The TA selected Paul Weiss because of its experience in some of the most significant and complicated real estate transactions and restructurings of recent times. It has represented major creditor groups and other parties in the chapter 11 reorganizations cases of Lehman Brothers, General Motors Corporation, GMAC, Charter Communications, CIT, the New York Racing Association and Pacific Gas & Electric, California's largest investor-owned public utility and the largest public utility in U.S. history to file for chapter 11 relief. Paul Weiss's real estate practice includes the representation of private and governmental clients in the proposed sale and development of MTA's West Side Railyards and Atlantic Yards, the lease and redevelopment of the World Trade Center site, the financing for the Time Warner Center in Columbus Circle and the Venetian Resort Hotel in Las Vegas, and the acquisition, sale, development and financing of thousands of units of housing and millions of square feet of office and commercial space in New York City and around the globe. The firm also represented the Miami Heat basketball team in the development of the American Airlines Arena in downtown Miami and the Government of Hong Kong in the development of Hong Kong Disneyland.
The Stuyvesant Town/Peter Cooper Village Tenants Association announced today that it has retained the law firm of Paul, Weiss, Rifkind, Wharton & Garrison LLP to provide counsel that will help the TA meet its goals of preserving the property's long-term affordability and ensuring adequate maintenance.
Paul, Weiss is widely recognized as one of the top law firms in the country, with robust real estate and restructuring practices-expertise the TA is seeking for the upcoming complex negotiations over the future ownership and management of STPCV.
"This is a firm that is second to none, and we are proud to have them on our team," said Al Doyle, president of the Tenants Association. "If anyone thought the tenants were not a force to be reckoned with at the bargaining table, they will now realize that we are serious, we are organized, and we have the resources we need to determine our own destiny in this process and ensure we are treated fairly."
The TA selected Paul Weiss because of its experience in some of the most significant and complicated real estate transactions and restructurings of recent times. It has represented major creditor groups and other parties in the chapter 11 reorganizations cases of Lehman Brothers, General Motors Corporation, GMAC, Charter Communications, CIT, the New York Racing Association and Pacific Gas & Electric, California's largest investor-owned public utility and the largest public utility in U.S. history to file for chapter 11 relief. Paul Weiss's real estate practice includes the representation of private and governmental clients in the proposed sale and development of MTA's West Side Railyards and Atlantic Yards, the lease and redevelopment of the World Trade Center site, the financing for the Time Warner Center in Columbus Circle and the Venetian Resort Hotel in Las Vegas, and the acquisition, sale, development and financing of thousands of units of housing and millions of square feet of office and commercial space in New York City and around the globe. The firm also represented the Miami Heat basketball team in the development of the American Airlines Arena in downtown Miami and the Government of Hong Kong in the development of Hong Kong Disneyland.
"We are honored to represent the Stuyvesant Town/Peter Cooper Village Tenants Association in this matter," said Meredith J. Kane, a partner in the Paul Weiss real estate department. "We believe that the tenants are the key to a successful solution to the ownership of this iconic housing complex-and we are looking forward to helping them achieve their goals."
The sale of ST/PCV in 2006 was the largest real estate transaction in American history. The deal's collapse last month and speculation about the property's future has been a major focus of the business and real estate media.
Paul, Weiss will represent the TA without seeking compensation from tenants.
"They're putting themselves on the line for us because they believe, as we do, that the tenants are the future of Stuyvesant Town and Peter Cooper Village," Doyle said.
PLEASE: WE NEED YOUR FINANCIAL SUPPORT
Your Tenants Association is run exclusively by volunteers.
Please help defray the cost of legal, professional, communication, and meeting expenses. To save time and effort, donate online. Or mail a check payable to: ST/PCV TA, P.O. Box 1202, Stuyvesant Station, NY 10009 1202. Thanks.
The sale of ST/PCV in 2006 was the largest real estate transaction in American history. The deal's collapse last month and speculation about the property's future has been a major focus of the business and real estate media.
Paul, Weiss will represent the TA without seeking compensation from tenants.
"They're putting themselves on the line for us because they believe, as we do, that the tenants are the future of Stuyvesant Town and Peter Cooper Village," Doyle said.
PLEASE: WE NEED YOUR FINANCIAL SUPPORT
Your Tenants Association is run exclusively by volunteers.
Please help defray the cost of legal, professional, communication, and meeting expenses. To save time and effort, donate online. Or mail a check payable to: ST/PCV TA, P.O. Box 1202, Stuyvesant Station, NY 10009 1202. Thanks.
TENANT OWNERSHIP IS THE ONLY FAIR SOLUTION TO ST/PCV's CURRENT CRISES.
It's time to end the cycle of predatory landlords exploiting the tenants of ST/PCV for profit.
THE ADVANTAGES OF TENANT OWNERSHIP
-A community owned and operated by the tenants – for the tenants
-No more paying rent to self serving landlords
-No more rent increases
-No more involuntary MCI increases
-No more battles with the rent guidelines board
-No more fights over succession rights.Tenants could “will” their home to children or other family members without landlord interference.
-No more landlord restrictions on travel or second homes.Elderly residents can retire in the sun or live near distant family and professionals can work elsewhere or go on sabbatical without worrying they'll lose their NYC residence.
-No more wasted rent money.Your home becomes an asset and your monthly payments become an investment.
-Lower Costs - For many residents monthly mortgage plus maintenance fees would actually cost LESS than their current rent.
-Enjoy all the tax benefits of home ownership.Maintenance fees are partially tax deductable.
RENT REGULATION DOESN'T PROTECT WORKING FAMILIES
Rents will continue to rise every year until they eventually catch up to market rate rents.And any new landlord will pursue MCI increases.Over time working families will be slowly priced out.If we do nothing,rent regulation will most likely sunset and march naturally toward decontrol.Moreover,the benefits of the J-51 legal victory may last only a finite period-perhaps as little as seven years.
The housing market is currently at a low.This is a once in a lifetime opportunity for working families in ST/PCV to purchase their homes at affordable rates and secure their future in this community.
TUDOR CITY – The Perfect Example
In 1990 the Tudor City complex converted to co-ops by implementing a “non-eviction” plan.No tenants we're forced to buy.Those who chose to remain in rent regulated apartments were allowed to do so,with no loss of services.
Tudor City is now more well maintained than it was under landlord ownership.
Maintenance fees are very affordable,averaging 600-700 dollar a month.
The community remains stable.
The majority of Tudor City tenants chose to buy their apartments and are very glad they made that choice.They would never voluntarily go back to the days of paying endlessly rising rents with all the prior restrictions.
NOW IS THE TIME FOR TENANT OWNERSHIP
Talk to your neighbors.This issue is critical to the future of ST/PCV.Let's get the discussion going.
And contact our representatives.Let them know where you stand.
Councilman Dan Garodnick - garodnick@.nyc.ny.us
Assemblyman Brian Kavanagh - www.assembly.state.ny.us
The ST/PCV Tenants Association
Pete, Pete, Pete...Tudor City is a DUMP! It's a community of closets with single pane casement windows. Ich!
I am ALL FOR home ownership but I have one nasty question: what does it cost?
I have a sneaking suspicion that the maintenance alone is going to be more than most people pay in rent currently. Not saying that's not the fair cost of running the place but, if you are protected by RS laws, why would you willingly (assuming you even COULD) double your monthly nut for the privilege of also taking out a six figure mortgage?
Problem here is, at least in the short to medium term, the preponderance of tenants are probably better off under a RS rental paradigm. We pay the state mandated minimum rent and the owner is responsible for paying for upkeep and taxes (those aren't going up any time soon, are they? please tell me they're not...)
I love it (sometimes) but this place is an albatross! I'd buy in if I have to but it's probably not a good financial decision.
Before you send the nasty replies...run the numbers....