search

The Real Deal Logo

Trending

Trump accused of making false statements about $50M Chicago tower loanTrump accused of making false statements about $50M Chicago tower loanHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aRent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlords
New York

Debt problems continue for Tishman

Sign Up for the undefined Newsletter

Rating agency Moody’s Investors Service has downgraded the ratings on
several mortgage securities tied to Tishman Speyer’s Peter Cooper
Village and Stuyvesant Town. Tishman bought the 80.4-acre development
for $5.4 billion in 2006. But the developer has had trouble converting
the rent-stabilized apartments to market rate ones because it has been unable to push out rent-stabilized tenants. As of September, 36.9 percent of the apartments were at market rate. Tishman has used $450
million of its $650 million in cash reserves, which it set aside two
years ago for renovations and interest on a loan at the development.