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Tishman Speyer Gives Back Peter Cooper, Stuy Town

NEW YORK CITY-The measure follows Tishman Speyer and BlackRock's $4.4-billion default on their acquisition of the 56-building complex.

By Ian Ritter | Updated on January 25, 2010

Please continue to check GlobeSt.com for coverage and analysis on this breaking story.

NEW YORK CITY-One of the biggest recent deals in commercial real estate just went kaput. Tishman Speyer Properties is giving the Peter Cooper Village and Stuyvesant Town apartment complex back to its creditors. Tishman bought the sprawling multifamily complex for $5.4 billion in 2006, according to media reports.

The move follows Tishman and partner BlackRock’s default on $4.4 billion in debt they took out to finance the acquisition. An article in the Wall, Street Journal estimates that the 56-building complex is only now worth $1.8 billion.

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