Layoffs at Blackstone’s Stuy Town management firm

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

TRD 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
Carmel Partners CEO Ron Zeff (JLL)

Carmel Partners sells Norwalk apartment complex valued at $157M

Carmel Partners sells Norwalk apartment complex valued at $157M
From left: 180 West 81st Street in Upper West Side, 15-30 130th Street in College Point; 5002 13th Avenue in Borough Park (Google Maps)

Manhattan sees first September i-sale with UWS mixed-use building

Manhattan sees first September i-sale with UWS mixed-use building
Knotel CEO Amol Sarva and Sprinklr CEO Ragy Thomas with 29 West 35th Street (Sarva via Sasha Maslov; Getty; Google Maps)

Manhattan landlords sue Knotel, Sprinklr for missing rent

Manhattan landlords sue Knotel, Sprinklr for missing rent
(iStock)

Is winter coming? Real estate stocks dragged down by 4th week of market decline

Is winter coming? Real estate stocks dragged down by 4th week of market decline
From left: Michael Fuchs, Aby Rosen, Brandon Singer and Michael Cody (Getty, iStock)

Aby Rosen, Michael Fuchs back new retail brokerage

Aby Rosen, Michael Fuchs back new retail brokerage
Companies are relying on surveys and other data points to determine who will come back to offices first. (iStock)

How do companies decide who should return to offices first? It’s tricky

How do companies decide who should return to offices first? It’s tricky
UDR President Jeffrey Davis, AvalonBay Timothy Naughton Equity Residential's Sam Zell (LinkedIn; AvalonBay; Getty)

Investors bank on urban real estate comeback

Investors bank on urban real estate comeback
arrow_forward_ios

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

Loading...