Update: Audio of Baruch Mtg; Press Conference Video—Sale of Property to Blackstone; TA Statement
UPDATE: The audio of the meeting at Baruch College is now available on SoundCloud.
If you were unable to attend the press conference announcing the sale of STPCV to Blackstone, the city has posted it on the mayor's news site and on YouTube. Speakers include Mayor Bill de Blasio, Councilmember Dan Garodnick, TA president Susan Steinberg, Blackstone's Jonathan Gray, and others.
The TA's statement on the sale:
As you probably have heard by now, Blackstone, one of the world’s largest real estate investors, is about to become our new landlord. Blackstone (not to be confused with the financial company BlackRock) will be making the purchase through a fund dedicated to long-term investment.
A public meeting to meet Blackstone, learn more about the deal, and ask questions will be held this Saturday, October 24, at the Baruch College Mason Hall--17 Lexington Avenue, at 23rd Street. The meeting starts at 1:00 p.m.; doors open at 12:30 p.m.
As a result of negotiations between representatives of the Stuyvesant Town–Peter Cooper Village Tenants Association, Blackstone, and the City of New York, Stuyvesant Town–Peter Cooper Village will continue to be an affordable enclave for middle-class New Yorkers.
With its commitment to preserve 5,000 units of middle-class housing, Blackstone’s plan for our community promises to eliminate the incentives that have existed for landlords to try to kick out rent-stabilized tenants. These units also will have new protections even if rent stabilization were not to be renewed in Albany. The 5,000 units represent close to half of the 11,230 units; the rents of a substantial number of the remaining apartments are already at or above market rate.
With the help of our legal and financial advisers, we are also delivering additional security for neighbors in Roberts units. These units had been immediately susceptible to enormous rent increases when the J-51 tax abatement expires in 2020. As a result of our advocacy, under Blackstone, rent increases on those units will be capped at 5 percent per year over a five-year period.
Finally, we welcome Blackstone’s commitment to protecting our valued open spaces, keeping Stuyvesant Town and Peter Cooper as a unified whole, and endeavoring to create an environment that is most suitable for long-term tenants seeking to put down roots here. They are also planning additional assistance to the senior population in our community.
While we feel confident that this is a very good result for current and future residents, the Tenants Association will continue to fight for the interests of the 25,000 tenants who live here. We look forward to partnering with Blackstone to address the many quality of life issues that exist on the property.
We want to thank the advisers who have guided us through the thickets of real estate law and finance in our years-long effort to attain stability and affordability for our unique community: our neighbor and City Councilmember, Dan Garodnick; the legal team at Paul, Weiss, Rifkind, Wharton & Garrison; and our financial advisers at Moelis & Co., all of whom translated dollars and square feet into ideas for action.
Our thanks also go to Mayor Bill de Blasio, who promised us at our mayoral forum that he would act to preserve affordability in our community, and Deputy Mayor for Housing and Economic Development Alicia Glen, who was a key participant in discussions.
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