The Real Deal New York

From the archives: the Stuy Town fallout

October 24, 2015 01:00PM
By David Jones

Stuy Town

Stuy Town

As Tishman Speyer’s $5.4 billion acquisition of Stuyvesant Town and Peter Cooper Village transitions from the biggest deal in American real estate to the biggest debacle, the impact on New York residential real estate appears to be profound.

Tishman and its investment partner, BlackRock Realty, agreed in January to hand over the keys to lenders after failing to make a $16.1 million interest payment. Negotiations then fell apart, and the senior lender filed to foreclose. Read the full story from the March 2010 issue here.