Stuyvesant Town and Peter Cooper Residents Watch Out – Change is a Coming
MetLife has put out a prospective for potential buyers of it’s Peter Cooper Village and Stuyvesant Town community on the east side of Manhattan. And if you are a present tenant, I have one word of advice for what is coming.
DUCK!
Metlife is saying that with “With aggressive investigation of potential stabilization violations, the memo suggests, a new owner could deregulate 1,000 units in both complexes in 2008 alone, “approximately double the current rate.” By investing in major capital improvements, a new owner could speed up rent deregulation and win additional rent increases, even in the rent-stabilized apartments.” via the New York Times
So when a sale is consumated, the old Peter Cooper Village and Stuyvesant Towns are over. There most likely will be a very aggressive and persistant attack on any violations (percieved or real) to clear out the rent stabilized tenants.
So if you think that someone is going to pay 5 billion dollars to maintain the status quo God bless you. Because, change is a coming.
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A house of beautiful architecture and well built so turned upside down. How sad. My condolences to the owner. 
Money management is key. Will these properties be selling short? 
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Comment by larry on 25 September 2006:
This will be a landmark battle for the soul of New York. These developments are the last bastion of solid middleclass family tenants in all of Manhattan.
The reality is that this stock is nowhere near luxury quality. So they won’t get the cream of the crop tenants. The poor will remain mixed in with transitional college students whose housing costs will be subsidized by mom n pop. A mix that will markedly change the area for the worse.