In this week's New York magazine, Gabriel Sherman pens an epic feature on landlord Tishman Speyer's iron-fisted rule over East Side megarental Stuyvesant Town, touching on a number of topics?including Stuy Town's well-documented cash flow problems, the long roster of investors who own Stuy Town's debt (Koreans and California retirees!), deal architect Rob Speyer's rise through the Tishman Speyer ranks, the tenant evictions, the tenant culture wars, and much more. There are no new earth-rattling revelations into the cloudy future of the still mostly rent-stabilized middle class enclave, but there are tasty new bites of information.
Sherman writes that Tishman Speyer is advertising Stuy Town on college campuses to find young post-grads willing to sardine themselves into subdivided apartments (says one: "We still have some ancient people living in our building, but they don't call the cops on us or anything."). Also, the cost-cutting at the 11,000-unit complex continues, with the layoffs rumor having panned out, and the news that TS has stopped renovating apartments. And while the Speyers finally go on-record discussing Stuy Town's current woes, the gold star for quotable soundbites goes to the affordable-housing advocate who opined, "Stuy Town is the quintessential rent-stabilized apartment filled with well-educated old Jews, and you shouldn't fuck with them. What the hell were these guys thinking?"
· Clash of the Utopias [NYM]
· Stuyvesant Town coverage [Curbed]