I have a New York piece out on the aftermath of Tishman Speyer’s $5.4 billion purchase of Stuyvesant Town completed in 2006 at the peak of the buble. Three years later, the 80-acre apartment complex is worth just $1.8-$2 billion by most analyst estimates–a 65 percent loss–and Tishman Speyer and their investment partner BlackRock are teetering on default.
From the piece:
Sometime in the next several weeks, Tishman Speyer Properties, the global real-estate empire run by father-son duo Jerry and Rob Speyer, along with their investment partner BlackRock, will default on the mortgage at Stuyvesant Town and Peter Cooper Village. And just as the transaction was the biggest real-estate deal in American history, the collapse is liable to be similarly epic.