Stuy Town investors question Tishman

Stuy Town investors are worried about the loans backing Tishman Speyer’s $5.4 billion buy of the complex in 2006. Rent revenue fell 4.2 percent during the first year that Tishman owned Stuy Town and Peter Cooper Village, and the securitized debt bonds that back the Stuy Town mortgage have lost 10 to 15 percent in value. Sources say Tishman has had to tap into its $650 million cash reserve earlier than expected.