Friday, September 11, 2009

Ouch this is gonna hurt…

Biggest Real Estate Deal in U.S. History May Default

Three years ago, the sale of the 110 red-brick apartment buildings at Stuyvesant Town and Peter Cooper Village in Manhattan represented the most expensive American real estate deal in history. Now the buyers are running out of time and money. Jerry I. and Rob Speyer and their partner, BlackRock Realty, who paid $5.4 billion for the quiet middle-class redoubt near the East River, have seen the property lose more than half of its value, and the income from rent — down 25 percent from its peak — covers less than half of their debt payments.

Posted by mark @ 10:48 AM (804 views)
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3 thoughts on “Ouch this is gonna hurt…

  • No downbeat news in the UK then? Lets talk about the US to feed the doom cravers.

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  • Don’t be down Jerry & Rob, get Kirsty round. A lick of paint and knocking down the odd wall will easily get back your missing 2.7bln.

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  • mark wadsworth says:

    Drewster and I were debating yesterday how bad the property price bubble/crash was in New York. I think that’s our answer – pretty bad.

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