Stuyvesant Town reserve funds depleted

Developer Tishman Speyer has had to put its fundraising plans on hold because the cash reserves for Peter Cooper Village and Stuyvesant Town have dwindled and the properties are involved in a court case that makes additional funds hard to raise, the New York Post reported. The company has $49.6 million left in its reserve fund, having used much of the fund to pay daily expenses. Tishman spends an average of $11.3 million from the reserve per month, so it could be gone by December. The New York Court of Appeals in early September will hear Tishman’s appeal of a March ruling that the company improperly converted rent-stabilized apartments to market-rate. The court case, in which a decision could take months, has affected Tishman’s ability to raise more money for Peter Cooper Village and Stuyvesant Town.