The New York Times reports that Stellar Management, Inc.'s threatened default on the mortgage of Riverton Apartments in Harlem is only the tip of the iceberg. Predatory equity - real estate interests expecting returns on their investments only possible with the ouster of existing tenants - was unsupportable from the outset.
Click here for the article.
Wednesday, August 27, 2008
Friday, August 22, 2008
WPP Court Date: Sept. 10 - Join Us There
Westsiders for Public Participation is having a court appearance. Below is an excerpt from the August 22nd mailing:
Our court hearing is scheduled for
Our elected representatives and several of our neighbors representing constituencies of the community have joined with Westsiders for Public Participation as co-plaintiffs to demand what is required under the law.
Come to the hearing and learn the facts of the matter at first hand!
At stake:
review.
On September 10, we will ask the court to compel compliance with the Zoning Rules of the City of New York and to order an environmental review rather than waiting to achieve one through the administrative process at the Board of Standards and Appeals, which to this date has
not calendared our appeal.
On September 10, we will ask the court for an injunction to STOP all excavation and construction until the environmental review is satisfied. The injunctive relief we are requesting applies to ALL FIVE building sites, rather than just to 808 Columbus.
We will also ask the court to order Margaret Stix, counsel to the BSA, to produce a letter that the BSA wrote to the developers, informing them that they are continuing construction "at their own risk."
Here are some of the concerns the community has expressed about the environmental impacts of the proposed "Columbus Village":
1. How will the already crowded 96th Street subway stops be able to handle the additional ridership?
2. How will traffic be impacted in the community by a destination commercial mall?
3. How will trucks be routed through the community streets and across Central Park?
4. At what hours will the stores receive deliveries?
5. How late will stores be open?
6. How will already sparse street parking be impacted?
7. How much additional pollution will be caused by traffic and by commercial operations?
8. How is it possible to locate commercial loading berths on the same block as a public elementary school and a health clinic?
9. What will be the impact of an influx of transient commercial shoppers?
10. How will condominiums protect the integrity of their playgrounds, green spaces and internal walkways from a large increase in pedestrian traffic?
11. What additional security needs will be created in the community?
12. What will the project do to noise levels in the community?
13. How will trash pickup be handled for the residences and commercial operations?
14. How will sewage be routed?
15. How will the underground garages be ventilated?
16. How are residents in the adjacent buildings affected by having their apartments facing an alley?
17. How much sunlight will be lost and how much creation of long shadows on our open spaces will be caused by the new residential towers?
18. How will the project affect the small local merchants already in the community?
19. How will the community be impacted by the canyon-like effect that will be created by the twin street walls stretching down three blocks of Columbus Ave., a configuration unprecedented in all of Manhattan?
20. How will the residents be compensated for the closure of walkways they have used for decades?
21. How will the new development affect public health?
Our court hearing is scheduled for
- Wednesday, September 10
- at 9:30 AM,
- at State Supreme Court, 60 Centre St., Room 321.
Our elected representatives and several of our neighbors representing constituencies of the community have joined with Westsiders for Public Participation as co-plaintiffs to demand what is required under the law.
Come to the hearing and learn the facts of the matter at first hand!
At stake:
- a comprehensive environmental review and legally required mitigation of the pressures that a 320,000 square foot mall with an underground parking garage of unknown use and capacity will place upon our community infrastructure, and
- the financial costs that could be imposed on nearby residents and businesses.
review.
On September 10, we will ask the court to compel compliance with the Zoning Rules of the City of New York and to order an environmental review rather than waiting to achieve one through the administrative process at the Board of Standards and Appeals, which to this date has
not calendared our appeal.
On September 10, we will ask the court for an injunction to STOP all excavation and construction until the environmental review is satisfied. The injunctive relief we are requesting applies to ALL FIVE building sites, rather than just to 808 Columbus.
We will also ask the court to order Margaret Stix, counsel to the BSA, to produce a letter that the BSA wrote to the developers, informing them that they are continuing construction "at their own risk."
Community Concerns to be Answered by an
Environmental Review
Environmental Review
Here are some of the concerns the community has expressed about the environmental impacts of the proposed "Columbus Village":
1. How will the already crowded 96th Street subway stops be able to handle the additional ridership?
2. How will traffic be impacted in the community by a destination commercial mall?
3. How will trucks be routed through the community streets and across Central Park?
4. At what hours will the stores receive deliveries?
5. How late will stores be open?
6. How will already sparse street parking be impacted?
7. How much additional pollution will be caused by traffic and by commercial operations?
8. How is it possible to locate commercial loading berths on the same block as a public elementary school and a health clinic?
9. What will be the impact of an influx of transient commercial shoppers?
10. How will condominiums protect the integrity of their playgrounds, green spaces and internal walkways from a large increase in pedestrian traffic?
11. What additional security needs will be created in the community?
12. What will the project do to noise levels in the community?
13. How will trash pickup be handled for the residences and commercial operations?
14. How will sewage be routed?
15. How will the underground garages be ventilated?
16. How are residents in the adjacent buildings affected by having their apartments facing an alley?
17. How much sunlight will be lost and how much creation of long shadows on our open spaces will be caused by the new residential towers?
18. How will the project affect the small local merchants already in the community?
19. How will the community be impacted by the canyon-like effect that will be created by the twin street walls stretching down three blocks of Columbus Ave., a configuration unprecedented in all of Manhattan?
20. How will the residents be compensated for the closure of walkways they have used for decades?
21. How will the new development affect public health?
Wednesday, August 20, 2008
Stellar Management to Default on Riverton Mortgage
Stellar Management - partners with Chetrit in developing Columbus Village - is planning to default on its mortgage for Harlem's Riverton Apartments.
These 1,230 apartments were originally built by Met Life as the rent stabilized African American counterpart to the then all-white Stuyvesant Town, and have been a stable, middle-class development.
Larry Gluck bought them in 2006, according to the Wall Street Journal, and financed them on the premise that he could oust 53% of the households. Failing to meet that mark - no doubt in the face of strong resistance by the Riverton tenants association - Gluck's Stellar Management seems to be cutting his losses.
Tenants in Stellar-owned and managed developments including Park West Village, Central Park Gardens, Town House West Apartments, Columbus Manor (all with representation in the Coalition to Preserve West Park North) and others will come to a
Press Conference & Rally:
Saturday, Aug. 23rd
10 AM
135th St. and 5th Ave. (take the 2 or 3 train to 135th St.)
Saturday, Aug. 23rd
10 AM
135th St. and 5th Ave. (take the 2 or 3 train to 135th St.)
to protest the predatory equity that is resulting in this planned default.
Read about the financial details (including another failed Stellar effort - in San Francisco) in Debtwire, a subscription-only publication.
Friday, August 8, 2008
Trucks already blocking West 97th St.
There are problems with truck deliveries to the construction site on 97th Street between Columbus and Amsterdam Avenues.
Community Board 7 is aware of the problem - but while the current situation can be fixed with better-trained "flagmen" to direct traffic, the situation can only get worse once construction is completed and Whole Foods and other trucks try to enter and leave the new development.
And the current problem occurred during the summer - without the usual 40 school buses and ambulances and Ryan Center van on 97th between Columbus & Amsterdam.
Neighbors have begun calling 311. One wrote:
___________________________________
I witnessed the first of what will be many incidents of a truck blocking 97th street. A 40 foot semi was trying to back into the loading dock of the 808 Columbus construction site across from the Ryan Center. It had backed onto 97th street going the wrong way. It tried to back into the dock and was totally blocking all lanes of traffic. It looks like it knocked down some branches from one of the trees in front of the Ryan center.
The driver left the truck and walked around for a while looking at the situation.
No cars could get onto 97th street and certainly no ambulance could get to the front of the Ryan Center.
Eventually the driver pulled the truck back onto 97th Street (going the wrong way) and left on Columbus Avenue.
I called 311 and filed a complaint which they said would be forwarded to the NYPD.
Service Request #: C1-1-417722559
Date Submitted: 08/05/08 11:43:00 AM
________________________________________
Community Board 7 is aware of the problem - but while the current situation can be fixed with better-trained "flagmen" to direct traffic, the situation can only get worse once construction is completed and Whole Foods and other trucks try to enter and leave the new development.
And the current problem occurred during the summer - without the usual 40 school buses and ambulances and Ryan Center van on 97th between Columbus & Amsterdam.
Neighbors have begun calling 311. One wrote:
___________________________________
I witnessed the first of what will be many incidents of a truck blocking 97th street. A 40 foot semi was trying to back into the loading dock of the 808 Columbus construction site across from the Ryan Center. It had backed onto 97th street going the wrong way. It tried to back into the dock and was totally blocking all lanes of traffic. It looks like it knocked down some branches from one of the trees in front of the Ryan center.
The driver left the truck and walked around for a while looking at the situation.
No cars could get onto 97th street and certainly no ambulance could get to the front of the Ryan Center.
Eventually the driver pulled the truck back onto 97th Street (going the wrong way) and left on Columbus Avenue.
I called 311 and filed a complaint which they said would be forwarded to the NYPD.
Service Request #: C1-1-417722559
Date Submitted: 08/05/08 11:43:00 AM
________________________________________
Update from Westsiders for Public Participation - Aug 8, 2008
The notes below are excerpted from the latest e-notice from
Westsiders for Public Participation
P.O. Box 20093, Park West Station, New York, NY 10025
westsiders@earthlink.net
Lawsuit Amended and Re-filed: Stay Tuned for Court Date;
New Fund Raising Goal to Bring us to End of Court Process
Since the Board of Standards & Appeals (BSA) has declined to compel Gluck & Chetrit's compliance with NYC's zoning rules for "Columbus Village," we amended lawsuit in the NYS Supreme Court, naming the BSA as a defendant. We want the court to compel that compliance.
We are also seeking an injunction to STOP all excavation and construction until the environmental review is satisfied. The injunctive relief we are requesting applies to ALL FIVE building sites, rather than just to 808 Columbus.
We will also ask the court to order Margaret Stix, counsel to the BSA, to produce a letter that the BSA wrote to the developers, informing them that they are continuing construction “at their own risk.”
NEW PLAINTIFFS JOINED THE ACTION: The following elected representatives and neighbors have joined with Westsiders for Public Participation as CO-PLAINTIFFS:
Twenty-five individuals have made contributions of $200 or more, or raised that total amount by pooling a contribution with their neighbors. Will you join the $200 club? If 230 additional individuals contribute or raise $200, we will realize an additional $46,000, which will close the gap in the currently projected budget for funding our legal action.
Please contribute or plan to raise whatever you can today! Please also spread the word about the need for funding, and assure everyone you meet that every penny they contribute will be spent directly to fight for our legal rights.
Online Contributions Now Accepted
Contribute by credit or debit card by clicking our secure link, hosted by PayPal: http://snipurl.com/westsiders
O if you prefer, checks can be made payable to Westsiders for Public Participation and mailed to:
Westsiders for Public Participation
P.O. Box 20093, Park West Station
New York, NY 10025
Please include your email address if you wish either to receive an acknowledgment of your contribution or to subscribe to our progress updates.
Names of contributors will be held in strict confidence. We pledge our accountability to the community. Complete financial statements are available upon request.
Westsiders for Public Participation
P.O. Box 20093, Park West Station, New York, NY 10025
westsiders@earthlink.net
Lawsuit Amended and Re-filed: Stay Tuned for Court Date;
New Fund Raising Goal to Bring us to End of Court Process
Since the Board of Standards & Appeals (BSA) has declined to compel Gluck & Chetrit's compliance with NYC's zoning rules for "Columbus Village," we amended lawsuit in the NYS Supreme Court, naming the BSA as a defendant. We want the court to compel that compliance.
We are also seeking an injunction to STOP all excavation and construction until the environmental review is satisfied. The injunctive relief we are requesting applies to ALL FIVE building sites, rather than just to 808 Columbus.
We will also ask the court to order Margaret Stix, counsel to the BSA, to produce a letter that the BSA wrote to the developers, informing them that they are continuing construction “at their own risk.”
NEW PLAINTIFFS JOINED THE ACTION: The following elected representatives and neighbors have joined with Westsiders for Public Participation as CO-PLAINTIFFS:
- Mary Lee Baranger, Robert Cabrera, Harold Fredenburgh, Laurence Mackler, Councilmember Melissa Mark-Viverito, Assemblymember Daniel O'Donnell, State Senator Bill Perkins, Congressman Charles Rangel, and Anne Wangh.
Twenty-five individuals have made contributions of $200 or more, or raised that total amount by pooling a contribution with their neighbors. Will you join the $200 club? If 230 additional individuals contribute or raise $200, we will realize an additional $46,000, which will close the gap in the currently projected budget for funding our legal action.
Please contribute or plan to raise whatever you can today! Please also spread the word about the need for funding, and assure everyone you meet that every penny they contribute will be spent directly to fight for our legal rights.
Online Contributions Now Accepted
Contribute by credit or debit card by clicking our secure link, hosted by PayPal: http://snipurl.com/westsiders
O if you prefer, checks can be made payable to Westsiders for Public Participation and mailed to:
Westsiders for Public Participation
P.O. Box 20093, Park West Station
New York, NY 10025
Please include your email address if you wish either to receive an acknowledgment of your contribution or to subscribe to our progress updates.
Names of contributors will be held in strict confidence. We pledge our accountability to the community. Complete financial statements are available upon request.
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