Stuy Town/Peter Cooper Village Default Risk Updates (Video, Links)

Remember that other shoe? Here are Manhattan commercial real estate updates:

An 11,000 apartment complex in Manhattan, owned by Tishman Speyer (a unit of BlackRock Inc), could default on it's loans. And it looks like pension funds could lose $600 million. From the video below: The property was bought for $5.4 Billion and financed with a $3 billion first mortgage plus a $1.4 billion mezzanine piece. An equity investor included the Church of England. Real Point said the property is now worth $2.1 billion.

  • Update: Stuy Town Still Screwed (Gothamist)
  • High-Profile Tishman/BlackRock Property in New York in Danger of Default (
  • NYC housing complex on verge of loan default: report (Reuters)
  • Pension funds stand to lose $600M in Manhattan venture (LA BizJournals)
  • Real estate deal could cost CalPERS $500 million (SacBee)
  • T Minus Four Months Until Stuyvesant Town Defaults (New York Magazine)
  • Church of England could lose in StuyTown (The Deal)
  • Real Estate News: Stuy Town Teeters, Insurers Drop Drywall Victims (WSJ Blogs)
Also, Zero Hedge has an interesting article on the Union Square W Hotel .