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Stuy Town

Stuy Town

Enter Ackman

In mid-July, Bill Ackman was relaxing on Nantucket when he got a call on his cell phone. On the other end was Michael Ashner, the CEO of Boston-based Winthrop Realty Trust, who had a plan to grab control of the 11,200-apartment property that occupies a healthy 80-acre chunk of Manhattan’s East Side.

Stuy Town

No More Stuy Towns for California Pensioners

In the wake of its vaporized $500 million equity investment in Stuyvesant Town, the giant California pension California Public Employees’ Retirement System, as of Monday, approved a new policy: No more investing in real estate deals that convert rent-regulated apartments to market rate.

Here’s more from Bloomberg:

The California Public Employees’ Retirement System, the Read More