Stuy Town revenues fall

An analysis by the business newsletter Commercial Mortgage Alert found that Tishman Speyer’s revenues from Stuyvesant Town and Peter Cooper Village fell last year to $108.3 million from $113.1 million the previous year. The drop-off happened despite the conversion of 560 rental apartments to market-rate last year. About 670 apartments are expected to be converted this year at the complexes along the East River, north of 14th Street. Tishman paid $5.4 billion for the 110 red-brick buildings. In April, The Real Deal reported on Tishman’s efforts to make Stuy Town hip.