Please continue to check GlobeSt.com for coverage and analysison this breaking story.
NEW YORK CITY-One of the biggest recent deals in commercial realestate just went kaput. Tishman Speyer Properties is giving thePeter Cooper Village and Stuyvesant Town apartment complex back toits creditors. Tishman bought the sprawling multifamily complex for$5.4 billion in 2006, according to media reports.
The move follows Tishman and partner BlackRock's default on $4.4billion in debt they took out to finance the acquisition. Anarticle in the Wall, Street Journal estimates that the56-building complex is only now worth $1.8 billion.
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