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Debt problems continue for Tishman

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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.

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