POLL: Will the Sale of Stuy Town to Blackstone Make It a More or Less Desirable Place to Live?
The hot topic right now in the real estate world is undoubtedly the $5.3 billion sale of Stuyvesant Town to the Blackstone Group and Canadian investment firm Ivanhoe Cambridge. Aside from the huge sum and the fact that the apartment complex has been long-plagued, what makes this deal so huge is that the new owners agreed to preserve 5,000 of the 11,200 units as affordable housing. On the surface this sounds like a fool-proof plan, but many of Stuyvesant Town‘s long-time rent-regulated residents may not like the changes, and the newer generation of young professionals might now find themselves making too much to qualify for an available affordable unit. How do you think it’s going to play out? Vote in our poll and share your thoughts in the comments below!
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Well,the politicians and realtors scored big – Stuy Town residents of course get screwed.After 15 years of talking about residents buying this community this was the best the so-called “Tenants Association” could come up with? After all the talk all they did was LOSE 6,300 regulated units.
And now long time residents are stuck with the highest so-called “regulated rents” in NYC.Many pay over 2K a month already in regulated rent.Anywhere else in the country that would be considered market rate,upper middle income.They have paid into the community for decades,hung in there with the rapidly rising regulated rents and now they get nothing.Blackstone now gets 6,300 apartments in which they will continue finding ways ways to jack up the market rate rents.And the higher the rents the more transient the community will become.More college students crowding into apts. and more temporary renters because the rents will be so high.
The old timers have been screwed out of their rightful chance to buy an asset they’ve earned with decades of rent payments – their home.At the same time the regulated rent stock has been decreased by 6,300 apts.So politically it’s huge failure for losing so much so-called “affordable housing”.But it’s another big win for a major realtor and,in the face of this abject failure,the politicians will claim victory anyway.