'Biggest Real Estate Deal in History' Goes Kaput

A group of investors bought New York City's Stuyvesant Town and Peter Cooper Village in 2006 at the height of the market for $5.4 billion. The speculative deal is now underwater and the investors have decided to walk away from their loans.

1 minute read

January 26, 2010, 9:00 AM PST

By Tim Halbur


From The Wall St. Journal: "Tishman Speyer Properties and its primary partner BlackRock Inc. decided over the weekend to turn over the 56-building complex to creditors rather than pursue other options including potentially putting it into bankruptcy. The move came after the venture was unable to restructure the $4.4 billion in debt used to help finance its top-of-the-market purchase. The decision means that the owners won't use bankruptcy as a defensive strategy to keep control."

Who takes control over the properties is up in the air at this moment. At the time the deal was made, it was the largest real estate deal of its kind in U.S. history.

Monday, January 25, 2010 in The Wall St. Journal

View form second story inside Southdale Mall in Edina, Minnesota with escalators and model cars parked on downstairs floor.

The Mall Is Dead — Long Live the Mall

The American shopping mall may be closer to its original vision than ever.

March 21, 2024 - Governing

View of Austin, Texas skyline with river in foreground during morning golden hour.

The Paradox of American Housing

How the tension between housing as an asset and as an essential good keeps the supply inadequate and costs high.

March 26, 2024 - The Atlantic

Houston, Texas skyline.

Report: Las Vegas, Houston Top List of Least Affordable Cities

The report assesses the availability of affordable rental units for low-income households.

March 22, 2024 - Urban Edge

Aerial view of Anchorage, Alaska downtown with mountains in background at golden hour.

Anchorage Leaders Debate Zoning Reform Plan

Last year, the city produced the fewest new housing units in a decade.

March 28 - Anchorage Daily News

Young man in wheelchair crossing zebra crosswalk.

How to Protect Pedestrians With Disabilities

Public agencies don’t track traffic deaths and injuries involving disabled people, leaving a gap in data to guide safety interventions.

March 28 - Governing

Aerial view of mountain town of Steamboat Springs, Colorado in the winter with snow at dusk.

Colorado Town Fills Workforce Housing Need With ‘Dorm-Style’ Housing

Median rent in Steamboat Springs is $4,000 per month.

March 28 - CBS News

News from HUD User

HUD's Office of Policy Development and Research

Call for Speakers

Mpact Transit + Community

New Updates on PD&R Edge

HUD's Office of Policy Development and Research

Urban Design for Planners 1: Software Tools

This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.

Planning for Universal Design

Learn the tools for implementing Universal Design in planning regulations.