A new report speculates that Tishman Speyer’s record-setting, $5.4 billion purchase of Stuyvesant Town and Peter Cooper Village in 2006 may be in trouble.
Barron’s is reporting that the purchase is the commercial mortgage market’s "most prominent trouble spot" among Manhattan deals, according to Reuters:
"In a statement to Barron’s, Tishman Speyer said the deal is ‘a long-term investment.’
Barron’s also said two Harlem complexes were carrying hefty debts, with the owner of one close to defaulting on $225 million of senior debt and $25 million of junior debt. Problems at these complexes can be attributed to loose commercial-mortgage underwriting guidelines, Barron’s said."
More mini-Macklowes in the making?