Stuyvesant Town's sister property, Peter Cooper Village, is supposed to be the "higher-end" version of the two defaulted properties but it looks as though PCV also has the Tishman-Speyer touch! 

Via the ST/PCV TA Mailing List

Dear Stuyvesont Town Residonts,

Residents are frightened by the high-tech security tactics involved with simply joining a gym. "I was just about done with filling out my membership paperwork when a uniformed man approached me and asked me to come with him," says a tenant who asked to remain anonymous. "He took me to an empty room, frisked me, and finger printed me. It was terrifying. He knows where I live. I can't go back there."

Via ZeroHedge.com

For all who think that the Fed has received the Ukrainian-cum-Marriott Garden Inn unlimited one-hour special giftset only from the TBTF banks, you are wrong: it appears the broke real-estate industry has also provided some favors to the FRBNY, and is now demanding, and receiving, preferential treatment. Tishman Speyer, whose 5.7 million sq. foot portfolio acquired from Blackstone in 2007, has been unable to renovate its insolvent properties as lenders have been unwilling to negotiate a restructuring.

One of the lenders is none other than the Federal Reserve, which took over loan commitments by Bear Stearns. Crains New York reports that the FRBNY has finally relented and at what likely is a loss to taxpayers, has given Tishman $100 million to restructure its loans at preferential terms. Tishman's take on this development was pretty clear: "It's great for our tenants and it's great news for everybody we do business with," said Casey Wold, Tishman senior managing director in Chicago. "We now have enough capital to improve the properties and lease up the entire portfolio to stabilization."

Thank you taxpayers - you now have indirectly bailed out the following Chicago properties: Civic Opera Building, 10 & 30 S. Wacker Drive complex,1 N. Franklin St., 161 N. Clark St. and 30 N. LaSalle St.

Continue reading "Tishman Speyer Joins Ranks TBTF Fed Gives Real Estate Firm Taxpayer Subsidized Tip" @ ZeroHedge.com

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Brief Update On Tishman Speyer's Fed "Rescue" Conflict Of Interest

Image credit: Idealist in NYC

Just in time for a hot and muggy weekend, portions of Stuyvesant Town are experiencing power outages today. Residents of 445 East 14th Street were without power for several hours today and the Associated Supermarket, also on 14th Street, experienced power outages as well. Other Stuyvesant Town buildings on 14th Street have experienced power issues the past few days with residents complaining of power surges and brief outages. Con Ed was seen working on 14th Street and First Avenue this afternoon.

Just like an awkward conversation about STDs with a new lover, Stuy Town's potential new owners are checking out the place to be sure all that gas house district business is far below ground.

Yesterday, a Sty-Spy bumped into these men from an environmental company taking "core samples" on the corner of 14th and First Avenue. The workers said were doing analysis for a financial firm that is making a loan on the property.

Most people know that Stuy Town, Tishman-Speyer's own private Titanic, is located on the grounds of an old gas manufacturing plant. For years residents have been concerned about the toxicity that lies in wait beneath the buildings. Cancer from the sun. Cancer from the ground. Have fun sunbathing!

A rumor has been circulating that Stuyvesant Town is denying apartments to those other than college students. The rumor isn't such a stretch considering the yack, panties, pizza, more pizza, urine, garbage, and condoms littering the joint and the morons who torched their apartment. And let's not forget this "edgy" site to attract first time renters. Oh, and the arrival of Alpha Beta Douche.

But calls to both Stuy Town's sssnaky leasing office and Tishman Speyer's new Bud Perrone say there's no truth to renting strictly to a demographic that doesn't know any better.

Via The Real Deal

A contest to ratchet up leases at Stuyvesant Town and Peter Cooper Village has emerged, offering more than $20,000 in prizes to referring agents, according to a flier and contest details.

An e-mail from a Tishman Speyer employee, with the subject, "Broker contest -- broadcast," was sent out to agents last week (see flier) offering freebies and one-month OP, or owner paid broker's fee.

The top prize will be granted to the agent who "refer[s] the most tenants that actually sign a lease" at the East Side complex at 252 First Avenue, between May 24, 2010 and Dec. 31, 2010, according to the contest terms and conditions.

Prizes include a $10,000 American Express gift card, a 15-inch MacBook laptop valued at $2,199, an iPhone with one year free service valued at $2,068, an iPad with one year free service valued at $2,757 and a $5,000 year-long subscription to Zipcar.

Investment partners Tishman Speyer and BlackRock Realty handed over control of the 110-building, 11,227-unit complex in January, after missing a $16.1 million payment on its debt earlier in the month.

The sweepstakes' sponsor is named "Tishman Speyer PCVST Management LLC" in a document containing the rules and terms of the contest (see contest details below).

The woman who sent out the e-mail blast did not return requests for comment, and a Tishman Speyer spokesperson denied requests for comment. The company's involvement in the contest was not immediately clear.

Stuy Town Offers Broker, Renter Perks [The Real Deal]

As if it's not bad enough each Stuy Town building with some 90+ apartments must share 6 washing machines, 8 dryers, and a laundry cart circa 1946, now you got some lazy jackhole using the said cart to move furniture on 18th and First. The self-entitlement of some of these new tenants is breathtaking.