If I had a nickle for every time one of my clients or colleagues said "did you hear that so and so is doing such and such to this and that," well, I probably would have at least $1.35 by now! I hate rumors mostly because they are hardly ever based in fact. Case in point: the RSS feeds are flooded today of rumors that Stuyvesant Town is going to be leveled so that Tishman Speyer can build lux condos on the parcel that they recently bought for a record breaking and whopping $5.4 BILLION dollars (best stated in a sinister voice with an "ah ah ah ah ah" punctuating the end). Check out the highly speculative rumor from Curbed’s Stuy Town Follies: Rent Hikes and Secret Destruction Plans? (via The Real Deal). It’s worth reading for the comical comments alone lambasting those with cheap rents. And get a load of the "reported" rent increases…up more than 36% for a one year lease renewal of a $2200/mth 1BR…ouch!!!
A very large percentage of Stuy Town is rent stabilized and although not impossible at all, it is a grand task indeed to vacate all of the 8,757 apartments that make up the complex. Looks like a very real concerted effort is being made to rid the complex of it’s market rate tenants. Having said that, I find it very hard to believe that $5.4 billion was "invested" to protect those who can’t afford market rate rents. So no I don’t believe that Stuy Town is going to be demolished in the very near future. But I’m certain that Tishman Speyer has plans for the complex that involve the company stuffing its pockets with greenbacks!
BTW…since we’re on the "rumor" subject…check out the top 25 Urban Legends at Snopes. And the next time you hear a rumor, check out Snopes to determine whether it’s a hoax or not…many of the emails we receive are exactly that…BS.
