Stuyvesant City-Peter Cooper Village is a large private residential development, post-World War II, on the eastern side of the New York City area of ​​Manhattan. The town of Stuyvesant, known by its inhabitants as "Stuy Town , was named after Peter Stuyvesant, the last general director of the Dutch colony of New Amsterdam, whose farms occupied the site in the 17th century. Peter Cooper Village was named after 19th-century industrialist, inventor and philanthropist Peter Cooper, who founded Cooper Union. The complex, which began in 1942 and opened its first building in 1947, replaces the Gas House district of a gas storage tank.
The complex is a collection of red brick apartment buildings stretching from First Avenue to Avenue C, between 14 and 23 Street. It covers about 80 acres (320,000 m 2 ) of land, some of which is used for playgrounds and parks. Development located between 14th and 20th Streets, Stuyvesant Town, has 8,757 apartments in 89 residential buildings. Combined with the development of Stuy Town's brother, Peter Cooper Village, located between 20 and 23 Street, the complex has a total of 110 residential buildings, 11,250 apartments, and more than 25,000 residents.
The development of this coalition is bordered by East River/Avenue C to the east, the Gramercy Park neighborhood to the west, East Village and the South of Alphabet City, and Kips Bay to the north. The surrounding area to the west is famous for its two-story historic park surrounded by the Stuyvesant High School called Stuyvesant Square, Saint George's Church, and Beth Israel Medical Center.
In 2015, the complex was sold to IvanhoÃÆ' Â © Cambridge and Blackstone for $ 5.45 billion.
Video Stuyvesant Town-Peter Cooper Village
Histori
Gas House District
In 1842, a gas storage tank on East 23rd Street and a river was established, soon followed by the construction of another gas tank, and by the end of the 19th century, the complex site had been known as "Gashouse District" because of the many tanks that dominated the streets. Tanks, which sometimes leak, create undesirable areas to live in, as are Rumah Gas Gang and other predators operating in the area. The inhabitants were mostly poor, initially mostly Irish, but later Germany and Jews as well; later, the Slovaks and other Eastern Europeans were the dominant ethnic group, including the large population of Armenians living in the twenties between the streets of First and Lexington. The crime in the district is endemic. When Alexander S. Williams was promoted to captain of the police on 31 May 1872 and assigned to the area, he met with gangs of violence equal to his own powers, composing an asshole squad that beat gangsters with the club. He commented: "There are more laws at the end of the baton than in the Supreme Court ruling."
With the construction of FDR Drive, the area began to improve. By the 1930s, all but four tanks had disappeared, and, although shabby, the area was no more damaged than many parts of the city after the years of the Great Depression.
Prior to the construction of Stuyvesant Town, the area consisted of 18 city blocks, with public schools, churches, factories, private homes, apartments, small businesses and even relatively new modern-style apartment buildings. Overall, 600 buildings, containing 3,100 families, 500 shops and small factories, three churches, three schools, and two theaters, were destroyed. As will be repeated in later urban renewal projects, about 11,000 people are forced to move from the surrounding environment. In 1945, The New York Times referred to the displacement of the largest and most significant family mobility site in New York history. The last inhabitant of the Gas House district, the Delman family, moved in May 1946, allow disassembly to be completed shortly thereafter.
Planning
Due to the housing crisis that has developed since the Depression, the Stuyvesant City was planned as a post-war housing project in 1942-43, a few years before the end of World War II. Provisions are made that veteran lease applications will have priority selection. The complex was developed by the Metropolitan Life Insurance Company, and is based on earlier development in the Parkchester neighborhood in the Bronx, completed in 1942. The same companies and developers also built Riverton, which was completed around the same time.
Metropolitan Life President Frederick H. Ecker said of Stuyvesant City in his first offer that it would make it possible for the New York generation "to live in the park - to live in a country in the heart of New York." On the first day, the company received 7,000 applications; it will receive 100,000 applicants during the first occupancy. The first tenants of the complex, two World War II veterans and their families, moved into the first building completed on August 1, 1947. In 1947, rental rates ranged from $ 50 to $ 91 per month. Current rentals range from $ 3,300 for a one-room apartment up to $ 9,000 for a 5-bedroom unit.
Controversy
The town of Stuyvesant is still controversial from the start. In 1943, the Association of National Housing Officials described the battle as "a battle not just in beer bottles and murder." Although nominally a personal development, it was championed by Park Commissioner Robert Moses, who has been called the "dominant force in creation" of both Stuyvesant Town and Peter Cooper Village. By order of the Mayor of LaGuardia, Moses sought "to encourage insurance companies and savings banks to enter large-scale slums." It is made possible by various state laws and amendments allowing private companies to enter what was previously a field of public action.
New public-private partnerships, and contracts entered between the city and the developer, the Metropolitan Life Insurance Company, are the source of much debate. Among the issues at stake are the use of a leading domain power for personal purposes; reversal of public roads and land, such as public school properties, private property; 25 year tax exemption granted by contract; and the lack of restrictions on companies that prohibit discrimination in choosing tenants.
When the $ 50 million City Stuyvesant plan was approved by the Town Planning Commission on May 20, 1943 by five to one vote, discrimination against African Americans has become a topic of significant debate. Board Members Stanley M. Isaacs and Adam Clayton Powell Jr. seeks to introduce provisions into contracts that will prevent racial or religious discrimination in the selection of tenants. This provision was not accepted, with those who rejected it, including Robert Moses, arguing that the profitability of the company would be disadvantaged and that the opponents "clearly seek political problems and not for results in the form of real slums." In the years after it opened, blacks were barred from living in the compound, with Metropolitan Life president Frederick H. Ecker stating that "niggers and whites do not mix". Lee Lorch, a professor of City College of New York, petitioned to allow African Americans to develop and be dismissed from his teaching position as a result of pressure from Metropolitan Life. After receiving a position at Pennsylvania State University, Lorch allowed a black family to occupy his apartment, thereby avoiding the Negro rule. As a result of pressure from Metropolitan Life, he was dismissed from his new position as well.
The lawsuit is filed on the grounds that the project is public or semi-public, and thus violates the anti-discrimination laws for public housing New York City. In July 1947, the New York Supreme Court determined that the development was private and that, in the absence of conflicting laws, the company could discriminate as it deems appropriate. The court wrote, "It is ascertained that the owner of an apartment or a private residence can, without violating the provisions of the Federal or State Constitution, elect a tenant of his own choice because of race, color, creed or religion... Obviously, housing accommodation is not a recognized civil right. "The lawsuit brought by three African American war veterans was resolved.
On this date, Metropolitan Life built Riverton Houses, a separate but equally residential project in Harlem with mostly black residents. A few years later, the company admitted several black families to Stuyvesant City and some white families to Riverton. Both projects, however, remain largely separate.
A number of other issues and controversies surround the planning and design of the Stuyvesant City. From the first start, objections are made in haste with which the project is approved and the lack of public participation in the process; project population density; lack of public facilities such as schools, community centers, or stores in development; character-wanak, private property of the complex and rejection of city dwellers the right to walk through parts of the once-public city; and violation of the city master plan. The lawsuit was brought by the land property owner, but in February 1944 the United States Supreme Court refused to review the constitutionality of New York State law allowing the development, despite the taking of public property for personal gain, granting tax exemptions, and public benefits submitted by the developer and their supporters.
Recent years
2006 sales
On October 17, 2006, MetLife agreed to sell the complex to Tishman Speyer Properties and BlackRock's real estate arm for $ 5.4 billion. The sale is expected to expire on November 15, 2006, according to the document that CB Richard Ellis, a commercial real estate broker representing MetLife, was sent to the bidder. MetLife hired a broker, which began registering bidders, and was intended to name the winners in November 2006. Sales have attracted interest from dozens of potential buyers, including real estate families, pensions, international investment banks and investors from Dubai, according to New The York Times , cites real estate executives.
New York City Councilor Daniel Garodnick, a lifelong resident of Peter Cooper Village, is trying to arrange tenants and investors to bid in the complex. Initially, MetLife regarded the tenant group as an ineligible bidder, but, after being pressured by an elected official, the company reversed itself, and distributed the offer book to the tenant group; the bid was submitted on 5 October 2006. Both the tenant and one offer by the Apollo Group fell far short of Tishman Speyer's bid, although the latter totaled $ 100 million in Speyer $ 5.4 billion.
On January 22, 2007, a class action lawsuit was filed against MetLife, Tishman Speyer Properties, and their associates on behalf of the market share tenants of Stuyvesant Town and Peter Cooper Village. The lawsuit claims that MetLife incorrectly collects "market price" rental fees while at the same time receiving real estate tax benefits from New York City under the J-51 program, which requires property owners to keep the apartment as a stable lease during the period. where they receive benefits. The lawsuit requested cash grants of between $ 215 million and $ 320 million in rent and damage additional costs. Furthermore, it is calling for market-level apartments to return to a stabilization lease until the end of the J-51 benefit period, sometime after 2017.
2010 default
In January 2010, Tishman Speyer Properties defaulted on mortgages, the largest commercial credit default in US history. On January 24, 2010, Tishman Speyer Properties handed over control of the property by handing over the complex to the creditor, thus avoiding the bankruptcy of the site. The default is predicted months in advance; The Fitch rating lowered the associated CMBS in August 2009. As of January 2010, the complex is estimated to be worth approximately $ 1.9 billion or less than 40 percent of the $ 5.4 billion of property purchased for 2006. While legal battles on rental stabilization played a small role in death, the possibility of Tishman Speyer will fail even if it wins the case. The assumptions underlying the $ 5.4 billion 2006 assessment are very aggressive; the assessment assumes that revenues from property will triple-fold in 2011. Landmark sales and defaults are the subject of the 2013 book Other People's Money: Inside the Housing Crisis and Loss of the Largest Real Estate Agreement Created by < i> New York Times real estate reporter Charles V. Bagli, who covered Stuyvesant Town for newspapers.
2015 sales
In October 2015, the property will be sold to Blackstone Group LP and IvanhoÃÆ' Â © Cambridge, the real estate arm of giant pension fund Caisse de dÃÆ' Â © pÃÆ'Â't et placement du QuÃÆ' Â © bec for about $ 5.3 billion. Blackstone has recently raised $ 15.8 billion, the largest real-estate fund ever. New York City is expected to contribute $ 225 million to help preserve some of the complex as affordable and low-income residents. Under a binding agreement with the city, Blackstone agrees to store about 5,000 units under the market rental price of up to at least 2035. Most of the units will be aimed at what developers and cities classify as "middle income" families: two-bedroom apartments sleeping, for example, will rent about $ 3,200 a month, a lease that is considered affordable for families with three to $ 128,000 a year, although the average household income in New York City in 2011-2015 American Community Survey is $ 53,373. About 500 units will be set aside for low-income families, with two-bedroom units renting up to $ 1,500 a month. The Federal National Mortgage Association will provide Blackstone with a $ 2.7 billion loan through Wells Fargo Multifamily Capital, and the debt will have a ten-year term.
The $ 5.45 billion sale was completed in December 2015. SL Green threatened to file a lawsuit to block the sale, but paid $ 10 million to drop the lawsuit.
The growing rent and gradual conversion of more-regulated rental units to the market level has brought the net operating income of property up every year since 2006. With about 45% of the complex population still paying the regulated rent - down from 71% in the year 2006 - Revenue above $ 200 million per year.
Maps Stuyvesant Town-Peter Cooper Village
Security
The complex has its own public security forces, most of whom are sworn peace officers. Although they were not allowed to carry firearms, they carried clubs, pepper spray, and handcuffs. As peace officers, they have full law enforcement power, and they patrol the property with special vehicles.
Until the end of March 2009, security cameras were installed and activated in all Stuyvesant Town buildings. In addition, sensors installed in the roof door to prevent unauthorized access. There are over 1,200 surveillance cameras located throughout the complex, all of which are connected to Stuy Town's security headquarters in the Oval.
Key photo ID card requirements were introduced in mid-October 2008 in Stuyvesant Town, and changed the door locks to the lobby of each building. The parking garage along Avenue C, 20th Street, and 14th Street also implements a key card access system and installs security cameras.
City & amp; Village newspaper
This community has its own newspaper, Cities & amp; Village , also known as "T & amp; V". It was first published in 1947 and has been published every week since, covering news in Stuyvesant Town, Peter Cooper Village, Waterside Plaza, and Gramercy Park. The paper was founded by Charles G. Hagedorn and in the late 2000s (decade) published by Hagedorn Communications. Cities & amp; Villages are self-sufficient and not affiliated with complex ownership.
Famous citizen
See also
References
Note
Further reading
- Charles V. Bagli (2013). Other People's Money: Inside the Housing Crisis and Destruction of the Largest Real Estate Agreement . Dutton Adult. ISBN: 9780525952657.
- Demas, Corinne (2000) Eleven Stories: Growing in Stuyvesant City, 1948-1968 . State University of New York Press.
- Stuyvesant City and Peter Cooper Village sales timeline
- MetLife: make money at government expense?
- MetLife Can Sell Stuyvesant Town
- "MetLife sells NYC apartment complexes for $ 5.4 billion"
- Video: ST/PCV is the largest commercial real estate default in US history
External links
- Official website
- Stuyvesant Town-Peter Cooper Village Tenants Association
- Stuyvesant City Blog Report
Source of the article : Wikipedia
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