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Ever since STPCV tried to go "upscale" they have had problems attracting market rate tenants willing to pay rents wanted. Yes, the apartments in some instances are large, but the overall look of the place is of a slightly higher end version of the Baruch projects down the street.
This issue played out in how NYU and other colleges began taking dorm space in the complex. Also for the rents wanted that part of East Side really didn't support, and still largely does not. However if gentrification holds (especially now that Beth Israel is closing), maybe in a decade or few things will change.
As with many areas trying to attract higher paying housing residents amenities are often lacking, especially for families with children. Local public schools aren't that wonderful so that leaves private, charter and or whatever else can be cobbled together.
Beth Israel Hospital closing/scaling down is going to bring big changes to that area. However one very large constant will remain; the housing projects and other low income housing in that area.
total agreeance. Also a bigger percentage of preference for city residents who became city workers? Seems like the BEST location for it. Kids who grew up in NYC but became EMT, NYPD, social workers, teachers, etc. Why can't our PD and Fire Fighters stay here in the city (I realize many don't want to for various reasons), but a place like stuy town would be great to keep those workers who grew up here and actually care about this city enough to stay here and be able to pay their rent on their salaries. We don't need to increase municipal employees salaries so much as maybe make some parts of the city affordable for them to actually STAY here and maybe raise a family?
I'll say this again; NYC had *NO* say in the sale of STPCV; and as such got the best deal they could out of what was a private transaction. New owners could have told de Boob and company to keep out of their affairs. However in exchange for some rather modest (and not permanent) "affordable housing" units Blackstone extracted concessions far more valuable. This is becoming more true in the wake of Beth Israel hospital closing. That is going to make the air rights clause of the deal with Blackstone over STPCV a bit more valuable than it was already.
I'll say this again; NYC had *NO* say in the sale of STPCV; and as such got the best deal they could out of what was a private transaction. New owners could have told de Boob and company to keep out of their affairs. However in exchange for some rather modest (and not permanent) "affordable housing" units Blackstone extracted concessions far more valuable. This is becoming more true in the wake of Beth Israel hospital closing. That is going to make the air rights clause of the deal with Blackstone over STPCV a bit more valuable than it was already.
90% of the affordable units are going to people who make 165% of AMI. Look at the rents; they're basically market rate or a couple hundred under. I don't see why the city even bothered. Maybe just the good press of claiming that they kept the units 'affordable'.
I'm sure that was it. Saying that the city is preserving 5,000 units of "affordable housing" was a huge win for de Blasio. Even if, as we now can see, it's just a PR win.
90% of the affordable units are going to people who make 165% of AMI. Look at the rents; they're basically market rate or a couple hundred under. I don't see why the city even bothered. Maybe just the good press of claiming that they kept the units 'affordable'.
Ding, ding, ding! We have a winner folks! Give the man a Kewpie doll!
Mayor de Boob gets to claim his administration created and or preserved "X" number of "affordable housing" units which the STPCV deal folds into those numbers. True facts on the ground don't befront the administration because it and those involved will long be out of office (if not dead) when the deal expires.
and it's not even affordable to those making 165%! what a freaking joke.
And they don't seem to doing anything for the low income people either. (Source: I was log number 150 and they called me in May 2016 for a $1360 one bedroom and I'm still waiting. Haven't heard of ANYONE else in the low income group getting anything or even being called).
So the lottery is officially reopening. They need more people making 165% of AMI! Lovely.
They even made nice website. It looks like they have to try to sell the place to people making 165% of AMI because the lottery website looks like a marketing website for StuyTown: https://www.stuytownlottery.com/ Given that the rents for 165% AMI are barely less than market rate, I think the amount of effort needed is ridiculous.
Blackstone is having the same problems as other landlords/developers; there is too much product chasing a certain segment of market rate tenants, and more is coming on line in future.
People who can afford to pay the kinds of rent Blackstone is asking for these lottery apartments are spoiled for choice. Between brand new amenity filled buildings in both Manhattan and downtown Brooklyn, and renovated buildings/units there is plenty of product out there. Even better you don't need to go though the HPD intrusive lottery vetting process.
While the area is improving that part of East Side still isn't for everyone, and the STPCV complex just looks too much like the projects for some.
40k and up is considered middle class. So the lower apt range is not really low income. Its just the lower income of the two income groups.
It's 80% of AMI, which is low income according to HPD.
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