Knowing how to cozy up to City Hall is an important skill for any developer, especially those vying to get selected for lucrative, city-led projects. But even for those who are building “as of right,” meaning they have no government hurdles to clear, having a good relationship with the powers that be can be key for future projects.
Take, for example, the 2007 purchase of the massive rent-regulated apartment complex Stuyvesant Town by a group led by Tishman Speyer.
The $5.4 billion deal was approved, even though many residents of the middle-class enclave staunchly opposed the takeover, fearing they might be displaced. And Mayor Michael Bloomberg did not step in to block the sale — a move viewed by some as tacit support of Tishman’s purchase. (The buyers ultimately relinquished Stuy Town in 2010 after failing to make loan payments.) See the full story from the April 2012 issue here.