It was something to be avoided. As America’s biggest foreclosure waiting to happen, Stuyvesant Town and Peter Cooper Village was viewed by the financial world as a $6.3 billion bet gone bad.
David Tepper saw an opportunity.
Founder of the high-risk–high-yield hedge fund Appaloosa Management, Mr. Tepper is the king of sniffing out the undervalued Read More
To flip through the pages of the 2006 offering book for potential buyers of the 11,200-apartment Stuyvesant Town and Peter Cooper Village-a deal that has devolved into the largest individual property default in modern history-is to immerse oneself in an historical delusion, one that, from today’s privileged vantage point, appears as likely as Read More
The list of those pummeled by the debacle of a real estate deal at Stuyvesant Town and Peter Cooper Village is a wide-ranging one. It’s vaporized entire investments made by, to name a few, two California pension funds ($600 million), a Florida pension fund ($250 million), and the Church of England ($70 million), Read More
There’s now a common bond between Stuyvesant Town-Peter Cooper Village and a sea of new homes in the Las Vegas suburbs: mortgage default.
Last week, the giant real estate firm Tishman Speyer and its investors missed the full monthly debt payment on their $3 billion mortgage, triggering default and a new era Read More
The real estate industry was abuzz last Thursday following the State Court of Appeals’ ruling in a lawsuit relating to rent increases at Peter Cooper Village and Stuyvesant Town. Under the luxury decontrol provisions of New York City’s Rent Stabilization Law, former owner MetLife and current owner Tishman Speyer have raised rents on thousands of Read More
With all the great press coverage it’s been getting lately, one might think people would be rushing in hordes to snap up apartments at Stuyvesant Town.
The 11,200-apartment Stuyvesant Town and Peter Cooper Village complex has shut its doors to new renters, as the owners, a partnership led by Read More
It didn’t take long after New York’s top court issued its major Stuyvesant Town–Peter Cooper Village ruling last week for celebrations at the East Side apartment complex to begin.
Just after 9 a.m. on Oct. 21, the Court of Appeals handed the complex’s owners a defeat with tremendous implications—ruling that they never had the right Read More
Tishman Speyer, owner of Stuyvesant Town and Peter Cooper Village, is systematically inspecting each of the more than 11,000 apartments in the complex, according to residents.
The stated purpose of the inspections is to ensure temporary walls comply with building and fire safety codes, an issue the Fire Department has previously raised with the Read More
Beth Rosner and Stuyvesant Town go way back—she was born there, after all. Her family moved out when she was a baby, but she later moved back into a rent-stabilized apartment while working as a theater agent in the city. Finally, returning to New York in 2003 after a stint overseas, she took a market-rate Read More
It went like this: Tishman Speyer, along with junior partners, bought Stuyvesant Town and Cooper Village in 2006 for a record $5.4 billion, and set about turning as many of the complexes’ rent-regulated apartments market rate as possible. There’s been trouble along the way, a lot of controversy, and speculation that the money Tishman paid Read More