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"If we had the opportunity, I think we would," association president Alvin Doyle told the Daily News. "We'd like to try to control our community, if we can." The important question for the tenants association and other possible bidders is: Will Tishman Properties and BlackRock Inc. (NYSE:BLK) default on their debt? Analysts say it's a likely scenario because the owners have $33.4 million left in reserves -- enough to last till February -- to service some of the $4.4 billion of debt for the property. Back in 2006, the tenants association, along with the help of some major pension funds, made a $4.6 billion bid to former owner MetLife Inc. (NYSE: MET) for the property with 110 buildings but fell short. This time around the tenants association may be making a significantly smaller bid as the property was recently valued at $2.1 billion. But there will likely be stiff competition once again for Stuyvesant Town should it go into foreclosure. Investment houses have raised significant money for distressed properties in response to the downturn of the real estate sector. London-based research firm Preqin says private equity funds plan to raise $92.5 billion for distressed real estate and debt. - Gerald Magpily
CategoriesComments
From: Foreclosure Listings,
There are good companies out there actually trying to help people. But unfortunately there are also bad ones that are trying to take advantage of the situations. I purchased 2 foreclosures and have been happy with my purchases.
Posted on:
October 22, 2009 9:28 PM
From: Ollie,
Nothing like catching a falling knife and then plunging it into your eye. You have got to kidding yourself if you think that there are investors willing to step in a by this place now that the possibility of raising rents to market is off the table. the 2 Billion value was prior to this decision and was based on a 6% cap rate. Do you really thik that equity will tollerate a negative leverage purchase? Oh and guess what New York. You just blew up the Dam on tax revenue from property tax reciepts. Good luck plugging that gap! This property's fate is now sealed as a future slum. Congratulations. Best intensions almost always have unintended results.
Posted on:
October 23, 2009 11:09 AM
From: JB in NYC,
The bubble was already bursting when Jerry Speyer foolishly overpaid $5.4 billion at market peak. MetLife execs are still smoking victory cigars and can't stop laughing at him. I'll spare Jerry further embarassment and take it off his hands for $54.
Posted on:
November 2, 2009 7:22 AM
From: Gerald Magpily
 ,
Yes, MetLife may have been sitting in the money with the StuyTown deal but it's still uncertain what the recent court ruling means for the seller. Will MetLife have to pony up money for overcharging apartments that have received a tax subsidy when they owned StuyTown? Perhaps, Tishman and BlackRock lawyers will also try to recoup something from MetLife for basically selling them a lemon.
Posted on:
November 3, 2009 9:33 AM
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If the Stuyvesant Town Peter Cooper Village residential complex goes into foreclosure, a bidder who lost out three years ago in the auction of the property will be ready with money to acquire the 80-acre Manhattan apartment development. The Stuyvesant Town Peter Cooper Village Tenants Association wants to bid for the complex once again. 
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The tenants association need to work quickly to get their funding together. Hopefully, they win the property and maintain the dwindling affordable housing in NYC.