Layoffs at Blackstone’s Stuy Town management firm

Tenant leader says staff cuts may be result of residents moving out

New York /
Sep.September 01, 2020 08:30 AM
Stuyvesant Town (Getty)

Stuyvesant Town (Getty)

Beam Living, the management company at the sprawling Stuyvesant Town complex in Manhattan, has let some employees go.

The layoffs occurred in the administration, construction and real estate departments, sources said. Beam Living is owned by asset management firm Blackstone Group, the world’s largest commercial landlord, which last quarter reported having $156 billion in dry powder.

“We value the hard work of every member of our team and the decision to part with any of them is a very difficult one,” a spokesperson for Beam Living said in a statement. The spokesperson noted the layoffs represented about 2.5 percent of the company and were fewer than 20 people.

The spokesperson said that Beam Living does not foresee any more staff reductions this year.

Beam did not comment on what drove the layoffs. It also manages Peter Cooper Village, Stuy Town’s more upscale sister complex, as well as Kips Bay Court and the Grove in Manhattan, and Parker Towers in Forest Hills, Queens.

Susan Steinberg, the president of the Stuy Town’s tenants association, said operations at the 11,000-apartment complex, which Blackstone bought in 2015, had remained “pretty good,” despite the coronavirus and the layoffs.

Steinberg attributed the staff reductions to residents leaving the complex — which she said was evidenced by moving trucks dotting the avenues in the complex.

Other landlords and apartment management companies affected by the pandemic sought forgivable loans from the Small Business Administration to keep employees on the payroll. Residential landlords were excluded from receiving the loans, but those with management companies got them anyway.

Chestnut Holdings, one of the largest landlords in the Bronx with more than 6,000 units, said it received between $500,000 and $1 million from the SBA to maintain essential services.


Related Articles

arrow_forward_ios
Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
258 8th Avenue (Google, Target)

Target planning yet another NYC store in Chelsea

Target planning yet another NYC store in Chelsea
Churchill Real Estate's Justin Ehrlich and 381 Broadway (Google Maps)

Two-year Tribeca foreclosure saga continues with lawsuit over $20M

Two-year Tribeca foreclosure saga continues with lawsuit over $20M
Adam America's Omri Sachs and Dvir Cohen with 2503-2509 Broadway (Google Maps; Adam America)

Adam America secures $63M in financing for Upper West Side project

Adam America secures $63M in financing for Upper West Side project
Convene CEO Ryan Simonetti (Convene)

Convene closes Manhattan locations as corporate events fail to return

Convene closes Manhattan locations as corporate events fail to return
New York City District Council of Carpenters’s Monitor Glen McGorty (iStock; LinkedIn)

NYC carpenters union changes how it roots out mob ties

NYC carpenters union changes how it roots out mob ties
The Economic Innovation Group identified 145 real estate investments in Opportunity Zones (iStock)

Real estate deals dominate Opportunity Zones. Is that bad?

Real estate deals dominate Opportunity Zones. Is that bad?
11 Penn Plaza and Apple CEO Tim Cook (VNO; Getty)

Apple snags more space at Vornado’s 11 Penn Plaza

Apple snags more space at Vornado’s 11 Penn Plaza
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...