Largest foreclosure listing …
… it could be the 80-acre, 110-building Peter Cooper Village and Stuyvesant Town apartment complex in Manhattan (New York City): Associated Press reports that Tishman Speyer Properties and BlackRock Realty, which purchased “Stuy Town” for a jaw-dropping $5.4 billion in 2006, couldn’t make a $16 million loan payment due Jan. 8, 2010. As a result, the complex [...]
… it could be the 80-acre, 110-building Peter Cooper Village and Stuyvesant Town apartment complex in Manhattan (New York City):
Associated Press reports that Tishman Speyer Properties and BlackRock Realty, which purchased “Stuy Town” for a jaw-dropping $5.4 billion in 2006, couldn’t make a $16 million loan payment due Jan. 8, 2010.
As a result, the complex will be turned over to creditors. Tishman Speyer and BlackRock, meanwhile, will continue to manage the properties to ensure a smooth transition.
It sounds like a massive undertaking … just like the initial investment.
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