Stuy Is Falling

Tishman Speyer won’t make its $16 million mortgage payment on Stuyvesant Town and Peter Cooper Village today, plunging the 11,227-apartment building into default.

The owners are still trying to restructure about $3 billion in debt, which must be galling, since current estimates put the value of the building at about $1.9 billion. No one’s sure what happens next.

“For so many years, this was the epitome of stability for middle-class New Yorkers,” Councilman Dan Garodnick, and longtime resident, told the Times. “Now there are endless questions about its future.”