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UPDATE: No TALF Support for Stuy-Town

NEW YORK CITY-The Federal Reserve Bank of New York rejected an application for a Stuy-Town bailout bond, reports say. The owners say they never applied.

By Alyson Grala | Updated on December 29, 2009

NEW YORK CITY-Embattled owners of Stuyvesant Town/Peter Cooper Village failed to get a $1.5-billion bailout they had hoped to collect from Uncle Sam, according to a New York Post report, despite a denial by the JV that it ever applied for such funds.

The desperate attempt to cover a cash shortfall on the historic 80-acre housing development began two weeks ago when the property’s owners, Tishman Speyer and BlackRock, applied for bailout funds, using the housing assets as collateral for a new federally backed bond.

The Federal Reserve Bank of New York, which received 58 applications for bailout bonds under its Term Asset-Backed Securities Loan Facility, accepted all but three of the requests, including the Stuy-Town application.

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