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Article: East Side CRE On the Rocks; The $5.4 billion Stuyvesant Town-Peter Cooper Village deal in 2006 was a banner transaction. Now, it looks like a big miscalculation.(Real Estate)(BlackRock Realty L.L.C.)(Tishman Speyer Properties L.P.)
- Article from:
- Investment Dealers' Digest
- Article date:
- October 30, 2009
- Author:
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Byline: Kelly Holman
When Tishman Speyer Properties LP and BlackRock Realty LP acquired Stuyvesant Town-Peter Cooper Village on Manhattan's lower East Side for $5.4 billion three years ago, it was billed as a marquee property purchase. But a recent New York Court of Appeals ruling against the developers threatens to unravel the deal and further roil a fragile commercial real estate finance market.
The properties were first opened in 1947 - many attracted GIs returning from the war - and they were borne of a state law designed to encourage slum clearance by private firms. The 11,000-unit complex, which was owned by an affiliate of MetLife Inc., covered 80 ...