Monday, Jan 25, 2010
High-Profile Manhattan Housing Complex Collapses Under Debt Mountain
Wall Street Journal: Tishman Venture Gives Up Stuyvesant Project
"A group led by Tishman Speyer Properties has decided to give up the sprawling Peter Cooper Village and Stuyvesant Town apartment complex in Manhattan to its creditors in the collapse of one of the most high-profile deals of the real-estate boom.
By some accounts, Stuyvesant Town is only valued at $1.8 billion now, less than half the purchase price. By that measure, all the equity investors—including the California Public Employees' Retirement System, a Florida pension fund and the Church of England—and many of the debtholders, including Government of Singapore Investment Corp., or GIC, and Hartford Financial Services Group, are in danger of seeing most, if not all, of their investments wiped out."
Posted by mountain goat @ 12:41 PM (702 views) Add Comment
1 Comment
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1. mountain goat said...
Looked a lot brighter in 2006.
$5bn for piece of low-rent Manhattan
· New York co-op estates house key workers and veterans
· Historic site among city's few affordable enclaves
For property entrepreneurs it is a unique opportunity to swallow a huge chunk of lower Manhattan in a single bite. One of the final bastions of working-class life in the heart of New York is up for sale with a hefty price tag of $5bn...
Financial institutions, New York property magnates and buyers from as far afield as Dubai are eyeing the site for development. Experts fear the neighbourhoods, which have resisted gentrification for half a century, could finally fall.
MetLife says there is "a lot of capital seeking high-quality real estate of this calibre". A source connected to the sale, who declined to be named, said: "There probably isn't a residential community for sale like this anywhere else in America, or probably in the world..."
Guardian 2006