Tuesday, May 27, 2008

Revenge of SithMan Speyer

SithMan Speyer is probably more appropriate than Tishman Speyer in this case.

Fresh off one massive publicity failure with the West Side Rail Yards, we've now got another negative story about Tishman Speyer, which bought PCV/ST about a year and a half ago.

When MetLife owned the property, they were a bit more lax in enforcing the "absentee resident" situations, unless it was blatantly obvious. It seems that new ownership is being a bit more aggressive in trying to get rid of alleged illegal sublets.

I find it interesting that their goal was to have 57% converted to market-rate units within 2011. I would have imagine the goal to be much HIGHER within a five-year timeframe.

However, if they're going to play this so aggressively, they better be damn sure about the accuracy - especially with some of the accused being mistaken for other people and falsely accused. For the money involved with 11,000 apartments, they had better be sure before they move ahead.

Beyond that - I have no comment. I can see the argument from both sides.

Market rate can be anywhere from 2600 to over 5000 per month, compared to the 1300 a month rent-controlled units can fetch. Multiply that difference by 12 months and thousands of units, and it adds up.

On the bright side, they now allow pets, so we could now technically live there if we wanted.

H/t Gothamist.

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