Wilbur Ross, LeFrak Interested in Stuyvesant Town
January 25, 2010
A partnership between Wilbur Ross and Richard LeFrak have expressed interest in Stuyvesant Town, from management to outright acquisition. And they have the funds to back it up:
“We are not really capital-constrained, so we can put up whatever is needed,” Ross said in a telephone interview. “We’re prepared to go all the way.”
The complex is [...]
Tishman Walks on Stuy Town
January 25, 2010
Tishman Speyer and company has decided to throw in the towel on Stuyvesant Town. This comes as little surprise as they were so far under water on the deal that it would be rather meaningless for lenders to keep them in the deal. Tishman originally paid $5.4B for the asset back in 2006 and without [...]
Read More >>CalPERS Considers Showing Blackrock The Door
November 26, 2009
The WSJ is reporting that CalPERS is considering dropping Blackrock as an investment advisor to the pension fund after a disastrous year. Amongst the investments Blackrock steered CalPERS into was the Stuyvesant Town/Peter Cooper Village deal in NY. That deal has very likely cost CalPERS all of its investment of $500M.
But of course, what did [...]
Stuyvestant Town’s $3B Loan Goes to Special Servicing
November 7, 2009
Not really news as the previous income and debt-coverage numbers revealed this asset is in a world of hurt, not to mention the hit it will take as a result of all the legal wrangling going on about rent controls. This is one big capital stack. Fitch has already reduced CMBS ratings on a number [...]
Read More >>That Didn’t Take Long: Stuy Town Case Being Used as Precedent
October 26, 2009
Tenants at a Bronx apartment building at 1600 Sedgwick Avenue in Morris Heights will head to court today to make their case against landlord Riverview Redevelopment, which they say illegally hiked rents in their building. The residents face eviction for refusing to pay rent, following the landlord’s move to take 80 apartments in the building [...]
Read More >>Tishman Loses Stuyvesant Town Ruling
October 22, 2009
A court of appeals today ruled that Tishman unlawfully raised rents at Stuyvesant Town and could be forced to pay back millions. The massive Stuyvesant Town/Peter Cooper Village project is a huge project that we previously posted about. This project was originally acquired for some $5.4B. Estimates at the time of our post were about [...]
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