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.
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.
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