The Selling of Stuy Town

Even so, she did well for herself. Arguably, there is no more fearsome commercial broker than Ms. Stacom. In 2005 alone, she sold 195 Broadway for nearly $300 million. She sold the Verizon Building at 1095 Avenue of the Americas for $500 million. She sold One Madison Avenue for $1 billion. She sold 575 Fifth Avenue for $385 million. She sold 25 Broad Street for more than $200 million. She sold 230 Park for more than $700 million. And that’s an abbreviated list. One can only guess at the commissions she earned along the way.

Ms. Stacom also built relationships that would figure in the story to come, performing work for both MetLife and Tishman Speyer. So it likely seemed only natural to bring the two together in what she must have thought of as her career’s crowning achievement.

One industry executive spoke of a close relationship between Ms. Stacom and Tishman Speyer. “They had never bought a residential building before. They relied on her.”

Central to Ms. Stacom’s pitch for the complex was that it could be unshackled from rent stabilization (at the time, three-fourths of the apartments were rent-regulated). The offering book repeatedly refers to the complex’s future as a “market rate master community.”

Further, as the complex’s “population evolves in response to deregulation, new ownership will have a unique opportunity to put its personal stamp on Manhattan’s largest apartment complex.” Among the suggested “creative strategies”? “Use of air rights”; “Gated Communities”; “Adding doormen to further promote the notion of a high-end residential complex.”

The offering book suggested that such innovations would result in a remarkable influx of money. It projected a 2007 net operating income of $167 million; Tishman Speyer, led by co-CEOs Jerry and Rob Speyer (Rob took the lead on Stuy Town), turned out a yawning $59 million short of that, bringing in $108 million at a time when rents were still high. By 2009, the book projected $252 million; the analyst firm Realpoint has estimated revenue at just $129 million.

The Selling of Stuy Town