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Well, when Tishman Speyer’s bought Peter Cooper Village and Stuyvesant Town for over 5 billion dollars, you knew that they were looking to make money and not just give MetLife a gift. But now the tenants who do not live in rent subsidized apartments are getting sticker shock as the community is seeing the new prices to live in the landmark community. Rents are going up drastically across the board. And the sight of moving vans in the neighborhood will be much more frequent.

Ms. Kane and dozens of other tenants paying market-rate rents are suffering from sticker shock in the first wave of lease renewal letters being sent out by Tishman Speyer Properties, which bought Peter Cooper Village and its sister complex, Stuyvesant Town, in October in a record-breaking $5.4 billion deal.
Some tenants among the nearly 25,000 residents in the two complexes report that their rents are going up as much as 33 percent, the latest sign that the two complexes, long regarded as an affordable haven in Manhattan for middle-class New Yorkers, are changing.
“It’s really a special place,” Ms. Kane said. “But they are not interested in retaining any stable tenancy. When people like us leave, you have to wonder, how are the public schools going to survive? How will the 14th Street Y sustain itself? All those things are going to suffer.”
Evan Horisk, a television producer for PR Newswire, a corporate news network, moved out of his two-bedroom apartment in Stuyvesant Town on Jan. 4, after the landlord notified him that his rent would jump 26 percent, to $3,350 from $2,660 a month. via the New York Times.

Related posts:

1. Stuyvesant Town and Peter Cooper Residents Watch Out - Change is a Coming
2. Sold - Peter Cooper and Stuyvesant Town in Manhattan for 5.4 Billion
3. Peter Cooper and Stuyvesant Town Now Worth 5 Billion To Met Life?
4. MetLife Looking to Sell Peter Cooper Village and Stuyvesant Town in NYC?
5. Peter Cooper Stuyvesant Town Deal In Jeopardy