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NEW YORK CITY-One of the biggest recent deals in commercial real estate just went kaput. Tishman Speyer Properties is giving the Peter Cooper Village and Stuyvesant Town apartment complex back to its 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 $4.4 billion in debt they took out to finance the acquisition. An article in the Wall, Street Journal estimates that the 56-building complex is only now worth $1.8 billion.

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