If youre unhappy about the way STPCV is being run by CWCapital and Compass Rock, there was bad news at the TA meeting last Saturday. Councilman Garodnick said that according to the new creditor agreement put in place last summer between the propertys bond holders and CWCapital, CWCapital and Compass Rock could be here for the next 3 years and that term is renewable for an additional 3 years. Thats a possible total of 6 more years living under their destructive regime. And, if their parent company, Fortress Investment Group, a hedge fund thats publicly announced its willing to pay 4.7 billion dollars to satisfy the bond holders and acquire the property, gets their hands on STPCV, CWCapital and Compass Rock could be here indefinitely. And heres even worse news than the above bad news, also confirmed by Councilman Garodnick: the property does not need to be sold on the open market. Theoretically, CWCapital could just hand it over to their parent, Fortress. I think this plan/scenario has been in place for years and its the reason CWCapital wouldnt talk with the TA and Brookfield about buying the property. Diabolically clever of Fortress to buy CWCapital shortly after it became the Special Servicer here. If Fortress takes over, things are likely to get even worse for STPCVs long-term tenants. The head of Fortress is on the Board of NYU/Langone Medical Center and Im sure well see the housing of even greater numbers of students, contributing to the further dormification of STPCV and the further erosion of our quality of life.
Posted on: Wed, 10 Dec 2014 14:36:35 +0000
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