As More Landlords Stagger Under Debts, Thousands of Tenants Face Abandonment
The impending financial disaster at Stuyvesant Town has gotten plenty of ink, but it may only be the beginning of a nightmare for tenants citywide.
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The impending financial disaster at Stuyvesant Town has gotten plenty of ink, but it may only be the beginning of a nightmare for tenants citywide.
They were judged to have improperly deregulated rent-stabilized apartments.
Sources tell the paper that, at maximum, the investment group headed by Tishman Speyer and BlackRock has until February before they run out of cash to service their debt on the massive property.
Though, I'll admit, I'm not above chuckling about it.
A judge ruled that they may owe tenant up to $200 million for illegally raising rent and deregulating apartments.
But despite the sleekness, they ran out of bagels!
The ‘Times’ and the ‘Post’ both ran obituaries for the city real-estate bubble today.
Is Julian Schnabel's big, pink Palazzo Chupi in the West Village so sleepy that the doormen are giving tours to any old passerby? That and more blasphemous rumors from Sunnyside Gardens, Dumbo, and Park Slope in today's boroughs report.
Stuy Town laundry thieves are being surveilled, Carroll Gardens raccoon cheerleaders speak out, Ikea bus riders forego affordable design for methadone, and much more, in our 'Ruby Tuesday' boroughs roundup.
It's Freaky Friday! What better day for a crazy Caribbean lady in Forest Hills, a goat-slaughtering market in St. Albans, and a $200,000 game-show win for a guy from Westerleigh? (That's on Staten Island, people.)
Crown Heights unites against a homeless center, Snug Harbor gets ready to rock, and more in our week's-end boroughs report.
Also, Lehman Brothers weighs its options, and 15 CPW breaks the $100 million barrier.
'Vanity Fair' fights back over the Miley Cyrus pictures, Stuyvesant Town has a square dance, and more, in our daily industry roundup.
Cuddly, scrumptious puppies! The people who live there must be so happy! Or not: "We will now have sidewalks like the rest of the city with puddles of urine and smears of dog poop," grumbles one. All this and more in our daily roundup of neighborhood news.