Stuy Town faces financial troubles

October 02, 2008 12:22PM

 
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.


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