The tenants of Stuyvesant Town and Peter Cooper Village have finally settled their class action suit, winning $68.7 million in damages that will be awarded to tenants who were overcharged on their rent between January 2003 and December 2011 as a result of illegal rent deregulation.
The settlement means an end to the lengthy Roberts v. Tishman Speyer legal battle. Tishman Speyer defaulted on its loans in 2010 and the property is now owned by CW Capital Asset Management LLC. The damages, to be paid by CWCapital (on behalf of the
bondholders’ trust) and former owner MetLife Inc, will be divided among 21,250 tenants in 4,300 units.
Larry Oxley was scheduled to appear this afternoon on Bloomberg Television to discuss his recent book, Extreme Weather and Financial Markets. As late as Friday, when The Observer spoke to the author, it seemed like perfect timing. The eyes of the nation were turned to Hurricane Sandy, and Mr. Oxley was slated to tell investors how to profit.
But events have consequences, as Mr. Oxley would be the first to aver, and as the storm developed, one consequence was that local governments closed roads and public transportation. When The Observer spoke to him this morning, he was stuck at home in Monmouth County, N.J., emailing television producers about whether to phone in today’s interview, or just reschedule.
“It’s almost hilarious,” Mr. Oxley told us today. “But the beauty of extreme weather investing is that you don’t necessarily have to be in ahead of the event. You can play the opportunity as it unfolds.”
It may have been the kind of problem every tenant wishes it had, but for Wasserman Media Group it was a problem nonetheless.
Only a few months had elapsed since the firm had signed on at the start of the year to take roughly 7,000 square feet on the fourth floor of the midtown office tower 444 Madison Avenue, and already it was clear to Wasserman’s executives that they had significantly miscalculated the company’s needs.
AIG, the enormous bailed-out insurance company, announced today that the sale of its ALICO life insurance unit to MetLife and its initial public offering of AIA on the Hong Kong stock exchange have netted billions of dollars to repay the U.S. government, which has generously and repeatedly extended a Read More
These days, when he goes shopping, Matt Van Buren hunts for discounts. The executive managing director of CB Richard Ellis’ New York brokerage, Mr. Van Buren likes price cuts of at least 35 percent.
“Say I’m buying a hammock for my backyard,” he said Thursday morning on the 18th floor of the MetLife building, minutes Read More
Three years ago this month, Stuyvesant Town was a bees’ nest of tenant activism. Rallies with bullhorns, press conferences and elected officials littered the 80-acre brick city on the East Side. The reason? MetLife was selling the longtime middle-class enclave that was Stuy Town and Peter Cooper Village, and the tenants, terrified of the pressure Read More
Citing their significant exposure to residential and commercial real estate, Goldman Sachs cut its rating for Prudential Financial to "sell," and its rating for MetLife Insurance to "neutral," according to Reuters:
Goldman Sachs, in a research note, cut its rating on Prudential Financial (PRU.N: Quote, Profile, Read More
At first glance, people often assume that the weekly Town & Village comes directly from the ownership of Stuyvesant Town and Cooper Village, Tishman Speyer, or from the complex’s management, Rose Associates Inc. Both firms are owned by well-known New York real-estate clans that could easily afford a weekly rag.
But then people get to Read More
Well, some good news for 1095 A of A: The MetLife deal is done. They’ll take 12 floors and 410,000 square feet from landlord Equity Office Properties in the fourth quarter of 2008.
The release says that MetLife will keep a “substantial ongoing presence” in super-spurned Long Island City. Whatever. It’s all further evidence that Read More