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  • VAL Open Box - PCVST Restabalization Case Study PDF

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    Alvin Ziyambi
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    Tishman Speyer, a multinational property management company, purchased a large residential estate in New York called Peter Cooper Village/Stuyvesant Town for $5.4 billion but later lost a rent stabilization lawsuit that impacted revenues. Open Box Software, who built systems to manage the property, provided data consolidation and intelligent reporting to help Tishman Speyer evaluate the financial impact of the legal decision and determine that defaulting on the property was the best business decision. The property is now in the process of being transferred to new owners with Open Box preparing the data and systems to enable a smooth handover.

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    Tishman Speyer, a multinational property management company, purchased a large residential estate in New York called Peter Cooper Village/Stuyvesant Town for $5.4 billion but later lost a rent stabilization lawsuit that impacted revenues. Open Box Software, who built systems to manage the property, provided data consolidation and intelligent reporting to help Tishman Speyer evaluate the financial impact of the legal decision and determine that defaulting on the property was the best business decision. The property is now in the process of being transferred to new owners with Open Box preparing the data and systems to enable a smooth handover.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    22 views1 page

    VAL Open Box - PCVST Restabalization Case Study PDF

    Uploaded by

    Alvin Ziyambi
    Tishman Speyer, a multinational property management company, purchased a large residential estate in New York called Peter Cooper Village/Stuyvesant Town for $5.4 billion but later lost a rent stabilization lawsuit that impacted revenues. Open Box Software, who built systems to manage the property, provided data consolidation and intelligent reporting to help Tishman Speyer evaluate the financial impact of the legal decision and determine that defaulting on the property was the best business decision. The property is now in the process of being transferred to new owners with Open Box preparing the data and systems to enable a smooth handover.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    2/23/2010

    Client Background Tishman Speyer Open Box Software


    Multinational Property Asset Management Company Home Base in New York City Open Box has built over 40 systems for them - we are the experts in their business processes

    IT and Business Continuity Case Study: Peter Cooper Village / Steyvesant Town Rent Restabilisation

    Project Peter Cooper Village / Steyvesant Town


    320 000 residential estate in NY east side 56 residential buildings, 11250 apartments, 25000 residents Sold to Tishman Speyer in 2006 for $5.4billion largest transaction of sort in US history
    Mostly funded by 3rd party credit

    The Challenge Rent Restabilisation Lawsuit


    Rent stabalised apartments NYC bylaw enforcing rent discount benefit to certain groups (going back to WW2) Tishman got sued on a technical point and lost the case
    +- $300million damages Market rate apartments had to revert to stabalised till end of bylaw in 2017

    m2

    We have built some core systems around managing the operation of this project
    Tenant Management Financial Reporting HR & workflow systems

    Our Involvement
    What is the value of the $5.4billion investment now?
    Remember, commercial property value determined by potential revenue What exactly are the damages incurred?

    Outcome
    Tishman Speyer reviewed the financial data and decided to default on the project
    IT-enabled information was critical in making a tough business decision

    Open Box Role


    Data consolidation Intelligent reporting comparing scenarios with different business/legal/tax laws applied

    PCV/ST in the process of being transferred to new owners


    We are instrumental in preparing data and systems for smooth handover

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