{"title":"Suddenly the “Prettiest Girl at the Dance”","authors":"Daniel R. Garodnick","doi":"10.7591/cornell/9781501754371.003.0009","DOIUrl":"https://doi.org/10.7591/cornell/9781501754371.003.0009","url":null,"abstract":"This chapter discusses Tishman Speyer's purchase of Stuyvesant Town for $5.4 billion, which was so large that there was not a single bank or other investor able to make a loan of such a significant amount. It describes enthusiastic investors looking to cash in on the real-estate market that lent Tishman Speyer and BlackRock what they needed to buy Stuy Town from MetLife. It also notes the appraisal that put the value of Stuy Town and Peter Cooper at $1.8 billion in 2010. The chapter highlights the $3 billion first mortgage on Stuy Town as the primary loan that paid for the property and when Tishman Speyer defaulted, the lenders were entitled to get paid back before anyone else. It explains how the $3 billion first mortgage had been packaged into five sets of other mortgages around the country and sold to investors as bonds.","PeriodicalId":166605,"journal":{"name":"Saving Stuyvesant Town","volume":"258 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115802488","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Activism from the Start","authors":"Daniel R. Garodnick","doi":"10.7591/cornell/9781501754371.003.0002","DOIUrl":"https://doi.org/10.7591/cornell/9781501754371.003.0002","url":null,"abstract":"This chapter begins by describing the redbrick buildings that emerge out of the East Village on Manhattan's East Side, the plain and unenticing facades of Stuyvesant Town and Peter Cooper Village that disguise the unique slice of city life that takes place within. It talks about Stuy Town's idyllic quality that contradicts the tumultuous history that produced this middle-class enclave tucked in the midst of Manhattan. It also explains Stuy Town's roots that are planted in bitter soil as the town was born of government-backed, and subsidized, racist policies and displaced with poor New Yorkers. The chapter tells Stuy Town's story of activism, where elected officials, civil rights leaders, and tenants joined together to fight against corporate greed and unjust policies, and for the rights of New Yorkers. It recounts how Stuy Town emerged from a housing crisis in New York City that began during World War I.","PeriodicalId":166605,"journal":{"name":"Saving Stuyvesant Town","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121596894","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Making a Bid","authors":"Daniel R. Garodnick","doi":"10.7591/cornell/9781501754371.003.0005","DOIUrl":"https://doi.org/10.7591/cornell/9781501754371.003.0005","url":null,"abstract":"This chapter refers to the story about the tenant bid that was anticipated to pop up on the New York Times website in September 2006. It shows the headline of the article which read that Daniel Garodnick, as a representative of the 25,000 residents of Stuyvesant Town and Peter Cooper Village, intended to organize investors who could buy the two complexes and keep them affordable to the middle class. It also talks about Garodnick's plan to go to MetLife as a partner with the Tenants Association in the hopes to make the offer extremely desirable for the bidder. The chapter highlights that the lead story of the national edition of the New York Times proclaimed the two buildings were up for sale. It cites that the asking price for Stuy Town and Peter Cooper was nearly $5 billion, the biggest deal for a single American property in modern times.","PeriodicalId":166605,"journal":{"name":"Saving Stuyvesant Town","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133189302","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"10 Challenged from the Outside","authors":"","doi":"10.1515/9781501754388-012","DOIUrl":"https://doi.org/10.1515/9781501754388-012","url":null,"abstract":"","PeriodicalId":166605,"journal":{"name":"Saving Stuyvesant Town","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121366882","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Prologue Middle Class on the Brink","authors":"","doi":"10.1515/9781501754388-002","DOIUrl":"https://doi.org/10.1515/9781501754388-002","url":null,"abstract":"","PeriodicalId":166605,"journal":{"name":"Saving Stuyvesant Town","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125601912","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"6 Pushing Back against a New Owner","authors":"","doi":"10.1515/9781501754388-008","DOIUrl":"https://doi.org/10.1515/9781501754388-008","url":null,"abstract":"","PeriodicalId":166605,"journal":{"name":"Saving Stuyvesant Town","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132503222","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"1 Activism from the Start","authors":"","doi":"10.1515/9781501754388-003","DOIUrl":"https://doi.org/10.1515/9781501754388-003","url":null,"abstract":"","PeriodicalId":166605,"journal":{"name":"Saving Stuyvesant Town","volume":"109 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120868559","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"2 Time for a Tenants Association","authors":"","doi":"10.1515/9781501754388-004","DOIUrl":"https://doi.org/10.1515/9781501754388-004","url":null,"abstract":"","PeriodicalId":166605,"journal":{"name":"Saving Stuyvesant Town","volume":"19 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114047652","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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