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Real Estate


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October 27, 2009

Massive NYC deal now looks like a flop

  • In 2006, Tishman Speyer and BlackRock paid $5.4 billion for two huge apartment complexes. Now foreclosure looms as a strong possibility.
    • By DAVID B. CARUSO
    Associated Press Writer

    NEW YORK — It was the most expensive real estate deal in U.S. history. Now it's poised to become one of the biggest flops.

    At the height of the real estate bubble in 2006, an investment group led by New York City real estate firm Tishman Speyer Properties and BlackRock Realty Advisors paid $5.4 billion for a pair of gigantic Manhattan apartment complexes known as Stuyvesant Town and Peter Cooper Village.


     
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