According to the Home Real Estate guide in today's Post anyway.
Says the article:
When it was announced in late 2006, it was one of those deals that knocked the wind out of you: The Stuyvesant Town/Peter Cooper Village complex - that beacon of middle-class Manhattan life - was being sold to Tishman Speyer for $5.4 billion. It remains the biggest real-estate transaction in New York City history.
Its residents were worried (68 percent of the 11,232 apartments in Stuy Town are rent regulated) and real-estate watchers wondered what would become of that massive 80-acre plot of land on the far East Side. Would some of the buildings be torn down and new ones go up? Would the place go condo? Would rent-stabilized residents be kicked out?
The short answer? None of the above. For many longtime Stuy Town residents, not much is different since the purchase. But that's not to say that there haven't been changes.
"We're focused on making it better," says George Hartzmann, managing director at Tishman Speyer. "That means focusing on the physical amenities, community activities, upgrading [apartments] and a lot of landscaping."
Its residents were worried (68 percent of the 11,232 apartments in Stuy Town are rent regulated) and real-estate watchers wondered what would become of that massive 80-acre plot of land on the far East Side. Would some of the buildings be torn down and new ones go up? Would the place go condo? Would rent-stabilized residents be kicked out?
The short answer? None of the above. For many longtime Stuy Town residents, not much is different since the purchase. But that's not to say that there haven't been changes.
"We're focused on making it better," says George Hartzmann, managing director at Tishman Speyer. "That means focusing on the physical amenities, community activities, upgrading [apartments] and a lot of landscaping."
Yep, nothing but good things here! Keep going about your business!
Oh, well, there's this.
Meanwhile, back to the article. Sure, rents are going up...
"When I moved here, my one-bedroom apartment was $52.50," says Madeleine Sussman, who came to Stuy Town in 1949.
Sussman turned to her husband, Harold, who had moved to the complex a year earlier.
"What did you pay?"
"Fifty-eight dollars."
"Of course, that was a lot in those days," Madeleine adds.
Today, a one-bedroom in Stuyvesant Town starts at $2,950; two-bedrooms at $3,675; and three-bedrooms at $5,400. Peter Cooper Village (which has always had bigger and more expensive apartments) start at $3,250 for a one-bedroom, and $4,225 for a two-bedroom.
And those are the cheap units!
Sussman turned to her husband, Harold, who had moved to the complex a year earlier.
"What did you pay?"
"Fifty-eight dollars."
"Of course, that was a lot in those days," Madeleine adds.
Today, a one-bedroom in Stuyvesant Town starts at $2,950; two-bedrooms at $3,675; and three-bedrooms at $5,400. Peter Cooper Village (which has always had bigger and more expensive apartments) start at $3,250 for a one-bedroom, and $4,225 for a two-bedroom.
And those are the cheap units!
Golly! So what is a tenant to do?
And if the price sounds a bit high, Stuy Town has encouraged potential residents to take roommates.
Jill Durso, for instance, is splitting a one-bedroom with friend Christina Vargas.
"We converted it to a two-bedroom," says Durso. "They arranged to have a nice little wall put up, and we still have enough of a living room for our modest get-togethers."
Luckily, the one-bedrooms in Stuy Town are big. A typical one-bedroom measures around 755 square feet; a one-bedroom in Peter Cooper is around 947 square feet. (Two-bedrooms in Stuy Town average 943 square feet; at Peter Cooper they measure about 1,223 square feet.)
"I go to friends' apartments in the East Village, and they're paying more for the same amount of space," notes Durso.
Jill Durso, for instance, is splitting a one-bedroom with friend Christina Vargas.
"We converted it to a two-bedroom," says Durso. "They arranged to have a nice little wall put up, and we still have enough of a living room for our modest get-togethers."
Luckily, the one-bedrooms in Stuy Town are big. A typical one-bedroom measures around 755 square feet; a one-bedroom in Peter Cooper is around 947 square feet. (Two-bedrooms in Stuy Town average 943 square feet; at Peter Cooper they measure about 1,223 square feet.)
"I go to friends' apartments in the East Village, and they're paying more for the same amount of space," notes Durso.
The article does finally mention the rising rents, new money moving in (why not? they are wine tastings! ski trips! Hamptons shuttles!) and longtime residents getting the heave-ho, but...
That being said, one still gets the feeling talking to residents that the criticisms of Stuy Town are made out of love; longtime tenants are absolutely fanatical about the place - and not all of them object to newcomers.
"It's nice to see the young people," says Madeleine Sussman. "There was a population shift; most of the people who lived here together grew old together. And now it's still a comfortable place."
And new tenants seem to agree.
"I always said, it's the greatest suburb in New York," says Allison Kallish, who moved to a one-bedroom in Stuy Town two years ago. "I saw this parade of Little Leaguers, with bagpipes playing, walking through the [Stuyvesant] Oval back in April. How many suburbs do you see that in?"That being said, one still gets the feeling talking to residents that the criticisms of Stuy Town are made out of love; longtime tenants are absolutely fanatical about the place - and not all of them object to newcomers.
"It's nice to see the young people," says Madeleine Sussman. "There was a population shift; most of the people who lived here together grew old together. And now it's still a comfortable place."
And new tenants seem to agree.
"I always said, it's the greatest suburb in New York," says Allison Kallish, who moved to a one-bedroom in Stuy Town two years ago. "I saw this parade of Little Leaguers, with bagpipes playing, walking through the [Stuyvesant] Oval back in April. How many suburbs do you see that in?"
"It's nice to see the young people," says Madeleine Sussman. "There was a population shift; most of the people who lived here together grew old together. And now it's still a comfortable place."
And new tenants seem to agree.
"I always said, it's the greatest suburb in New York," says Allison Kallish, who moved to a one-bedroom in Stuy Town two years ago. "I saw this parade of Little Leaguers, with bagpipes playing, walking through the [Stuyvesant] Oval back in April. How many suburbs do you see that in?"That being said, one still gets the feeling talking to residents that the criticisms of Stuy Town are made out of love; longtime tenants are absolutely fanatical about the place - and not all of them object to newcomers.
"It's nice to see the young people," says Madeleine Sussman. "There was a population shift; most of the people who lived here together grew old together. And now it's still a comfortable place."
And new tenants seem to agree.
"I always said, it's the greatest suburb in New York," says Allison Kallish, who moved to a one-bedroom in Stuy Town two years ago. "I saw this parade of Little Leaguers, with bagpipes playing, walking through the [Stuyvesant] Oval back in April. How many suburbs do you see that in?"
I still hope that the Tishman will push-out the rent stabilized tenants and/or turned this into a condo. They've been skating by for years now. Time to relinquish their places to those who wants to relocate NY.
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