Stuy Town faces financial troubles
October 02, 2008 12:59PM
Stuyvesant Town
Tishman Speyer Properties and BlackRock Realty are having trouble converting rent regulated units at Stuyvesant Town-Peter Cooper Village into market rate apartments, so their overall expenses are higher than anticipated. The development is now worth 10 percent less than when the two companies paid $5.4 billion for it two years ago.
[Bloomberg]
The Real Deal reserves the right to delete any comment it finds to be rude, obscene, racist, sexist, bigoted, irrelevant or repetitive, as well as inappropriate comments about anyone's personal appearance. The Real Deal does not endorse any comments posted on its Web site nor does it verify the veracity of comments or the identity of posters.
Comments