Entries tagged "Stuyvesant Town"
Many investors in the biggest real estate deal ever, for Stuyvesant Town Peter Cooper Village in 2006, are likely regretting spending in the property at the height of the real estate bubble.
The Florida state pension fund announced that it reportedly lost $250 million from its investment in the $5.4 billion megadeal for apartment complex Stuyvesant Town/Peter Cooper Village.
For some, Tishman Speyer Properties' $5.4 billion purchase in 2006 of Manhattan residential complex Peter Cooper Village and Stuyvesant Town symbolized the peak of the real estate boom. Now, the bubble has burst, and the New York-based real estate company is starting to feel some pain as several bonds tied to the 80-acre middle-income development were downgraded by Moody's Investors Service last week following a Standard & Poor's downgrade just a few weeks earlier....
Brooklyn's massive housing development Starrett City has been on the auction block for close to two years. But protests from residents and politicians have derailed a sale over the possible loss of affordable housing. Now, the complex, which spans 140 acres and has 5,881 units, is up for sale Tuesday with a better shot of a getting a deal done because of an agreement reached between the owners and federal, state and city governments to cap the rent increases for the next two decades, according to the New York Post....
