An 11,000 apartment complex in Manhattan, owned by Tishman Speyer (a unit of BlackRock Inc), could default on it's loans. And it looks like pension funds could lose $600 million. From the video below: The property was bought for $5.4 Billion and financed with a $3 billion first mortgage plus a $1.4 billion mezzanine piece. An equity investor included the Church of England. Real Point said the property is now worth $2.1 billion.
- Update: Stuy Town Still Screwed (Gothamist)
- High-Profile Tishman/BlackRock Property in New York in Danger of Default (WSJ.com)
- NYC housing complex on verge of loan default: report (Reuters)
- Pension funds stand to lose $600M in Manhattan venture (LA BizJournals)
- Real estate deal could cost CalPERS $500 million (SacBee)
- T Minus Four Months Until Stuyvesant Town Defaults (New York Magazine)
- Church of England could lose in StuyTown (The Deal)
- Real Estate News: Stuy Town Teeters, Insurers Drop Drywall Victims (WSJ Blogs)
