SL Green Realty to restructure Stuy Town debt

Commercial real estate lender SL Green Realty Corporation said yesterday that it

expects to play a role in restructuring debt on Stuyvesant
Town and Peter Cooper Village. Although New York State’s highest court found

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last week that developer Tishman Speyer and BlackRock Realty Advisors were illegally
converting
rent-stabilized apartments into substantially more expensive
market-rate units, the debt on the properties still needs restructuring.
Even before the court’s ruling, Rob Speyer, president of Tishman Speyer,
said BlackRock and his company would have to look into restructuring the

mounting debt. So far, SL Green and Gramercy Capital have invested $200
million in the $1.4 billion mezzanine debt and will “actively monitor the
situation very closely [as] the potential exists to be a part of some form of
restructuring or resolution of this investment,” according to SL Green CEO
Marc Holliday.

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