Years before famously defaulting on $4.4 billion in loans, Tishman Speyer and BlackRock Realty had lofty ambitions for America’s most famous housing complex — Stuyvesant Town and Peter Cooper Village.
In the months leading up to the $5.4 billion purchase in 2006, the joint venture partnership received an intriguing offering memo from sellers MetLife.
That document, now available for download on TRData, detailed how a buyer could collect gargantuan revenue from the 110-building complex, mostly by converting stabilized units and tossing them onto the market. How much, you ask? Read on to find out. [more]