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Wednesday, October 14, 2009

Stuyvesant Town/Peter Cooper Village "Teeters"

According to the Wall Street Journal, it appears that a "special servicer" will be dealing with the debt over ST/PVC soon, no matter if Tishman Speyer wins the J-51 court case. Tishman Speyer's problems, which are mostly the problems of the suckers who invested at TS' urgings, are detailed in the article linked below:

Wall Street Journal


Anonymous said...

Note that 2 of the 3 largest investors are the State Pension Funds of CA and Florida. So trustees representing thousands of middle class state employees invested $750 million in a deal which had a stated goal of removing middle class tenants in Manhattan from their homes!!!!!!!!!!!!

Anonymous said...

It is clear that TS will have its equity slice removed from the PCV/ST pie--along with the equity and MOST of the debt financing for this transaction.

My question is: will they be allowed to continue to (mis)manage the complex after they default later on this year? If they are, that would be the ultimate insult to the tenants and the institution that were bilked out of about $4 billion.

I'm not gonna lose any sleep over the poor institutions but I would sure love to see these fools go elsewhere.