Why mainstream press “didn’t get” Stuy Town

Seeing the forest for the trees: that was the topic of conversation at the recent NYU Schack Institute of Real Estate reporter roundtable, “Fair Deals? Fair Coverage?” which was moderated by the New York Times’ Charles Bagli, and included The Real Deal’s David Jones, the New York Observer’s Elliot Brown, Crain’s Amanda Fung, and the New York Post’s Tom Topousis. According to Jones, the infamous Starrett City and Stuyvesant Town deals were a reflection of trends in New York City’s financial milieu. But, unfortunately, those trends were at times overlooked by the mainstream media, Jones contended. While these stories were well-covered, both Bagli and Jones said the press overlooked the larger implications that these deals had. “They just didn’t get it,” Jones said. “Back during the middle part of the decade… there was a frenzy of institutional owners basically realizing they could maximize the value of these assets.” (To view the panel in its entirely, please visit NYU-SCPS.)