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news Tishman gives up on Manhattan Stuyvesant Project Default; Only In New York City Blog
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Tishman gives up on Manhattan Stuyvesant Project Default

01/28/10 09:51

Tishman Speyer Properties and BlackRock Inc. have given up the Peter Copper Village and Stuyvesant Town apartments complex in Manhattan to its creditors which is on a $4.4 billion default.

This was once one of the most high profile deals of the real estate boom which the venture had acquired the 56-building, 11,000 unit property for $5.4 billion four years ago. This was also the most ever paid residential property in U.S. in a single transaction.

More details on this, on a Wall Street Journal Article which is on the link provided below.

Link: Tishman Venture Gives Up Stuyvesant Project - WSJ.com

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