Saturday, November 7, 2015

About the Stuy Town affordable units deal with the city

The term sheet for the agreement between the city and the Blackstone Group to keep 5,000 affordable units at Stuyvesant Town-Peter Cooper Village is 12 pages long. The Real Deal sifted through it and noted the following:

"None of the Affordable Units will be used by Purchaser on a transient basis or as a hotel, motel, hospital, nursing home, sanitarium, rest home or trailer park."

And one point to reiterate, as The Real Deal summarizes:

Under the agreement, Blackstone can likely reduce the number of affordable units from 5,000 to almost zero between 2035 and 2040.

Blackstone signed a contract last month to buy the 11,000-apartment complex for $5.3 billion in partnership with Canadian pension fund manager Ivanhoe Cambridge.

You can find the PDF of the term sheet here.

Previously on EV Grieve:
Local politicos seek answers from the Blackstone Group on the Stuy Town air rights deal

6 comments:

Edmund Dunn said...

Being conservative, I’d say that Sty Town/PCV is around 25% dorm dump right now. This deal threw the Roberts J-51 MR tenants under the bus and, like every other news item posted lately, this “deal” foretells the end of the middle class/working class in Manhattan and many other hoods in NYC as well

Trixie said...

What, no trailer park? I was really hoping they'd put in a trailer park.

Anonymous said...

I cannot figure out why all the news coverage portrays this as a victory for the middle class - Stuy Town has been sold off and will be luxury housing in 20 years - that is terrible.

Donnie Moder said...

Dorm dump comment is interesting, as so much rental market below 34th street is university student related. So many students and recent grads in the area pushing rents higher. Why the hell do they want to go to school in Manhattan where it is so tuition and living costs are so expensive???? The schools are not that good for the price, are they??? Before the agreement, StuyT only had rent stabilization protecting it. Manhattan below 34th has become a university town. Vacancy decontrol cuts deeply into the number of regulated units. Now it has this additional regulation for 20 years on 5000 units. It is better than nothing. The city paid a price for this in tax relief to the new owners, but it was fairly low reasonable price. But nobody cares about that.

nygrump said...

the way things are going it'll be radioactive heaps by then anyway...

11:30 am said...

I was the anonymous Oct. 20 at 10:36 a.m commenter on that other thread, and said it and called it then. And also somewhat confirmed by Crain's -- Stuy Town deal protects a lucky few, but benefit to rest of NYC is fuzzy.