January 26, 2010

On Monday Tishman Speyers Properties gave up their ownership stake to creditors in two massive apartment complexes, that sold for an amazing $5.4 billion just a few years back. Will this be the largest foreclosure, ever?

Who is happy about this? MetLife shareholders and professional services such as lawyers and bankers who surely charged fees extraordinaire!

According to Business Week:

The joint venture ownership team led by Tishman Speyer Properties and BlackRock Realty, hurt by the real estate market collapse, couldn’t make a multimillion-dollar loan payment earlier this month for the Stuyvesant Town and Peter Cooper Village apartments in Manhattan.

Over the last few days it became clear the only viable alternative to bankruptcy would be to transfer to lenders control and operation of the 110 buildings and 11,000 apartments overlooking the East River… Business Week

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