New Yorkers, when asked about their hometown, will rarely resort to a description of the place. Whether the resident in question is a cabbie or Jay-Z, the reply is far likelier to be an idea, a vision of possibility and of promise—or of decay and of dreams deferred—sometimes both at once. These visions reflect the cityscape and shape Read More
Al Doyle wants to be a homeowner.
Six months ago, the idea was a far-off concept. But since then, the mustachioed, lifelong Stuyvesant Town resident who is president of the property’s tenants association has seen the desire for a tenant-led purchase of the 11,200-apartment morph into an actual plan of action, as Read More
The Paterson administration today is unveiling its plans for rent regulations in the wake of a major court ruling last year that found the owners of Stuyvesant Town (and thousands of other apartments) had illegally brought regulated units to market rate.
According to a person briefed by the Division of Housing and Community Renewal, the Read More
When It's Not Your Money
By the numbers, the California Public Employees Retirement System was burned more than any other by Stuyvesant Town. The fund lost its full equity investment of $500 million.
Now, with the property going through a foreclosure, the local councilman who once criticized the owners wants Calpers to come back.
As part of an effort to Read More
In 2006, just as the real estate market was nearing its sharp crest, California came marching into New York City.
In deal after deal, the Golden State’s two main pension funds—the California Public Employees’ Retirement System and the California State Teachers’ Retirement System, which collectively manage a mammoth $330 billion on behalf of teachers and Read More
A federal judge today denied hedge fund manager David Tepper’s attempt to stop the Stuyvesant Town foreclosure, Reuters reports:
“A U.S. judge on Thursday denied a bid by the Appaloosa Investment LP hedge fund to join a lawsuit to foreclose on New York’s massive Stuyvesant Town/Peter Cooper Village apartment complexes.
… Read More
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
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
The hedge fund angrying up the waters in Stuyvesant Town’s foreclosure has filed a testy response in federal court to the firm controlling the 11,200-unit property, complete with colorful legal vituperation. The fund, Appaloosa Investment, is suing the special servicer that controls the property for taking the complex through a foreclosure process against the will of certain Read More
There’s a World War I analogy in here somewhere.
Less than two weeks old, the foreclosure of Stuyvesant Town has hit its first major bump in the road, courtesy of hedge fund Appaloosa Investment, the New Jersey-based firm that took in a reported $7 billion in profit last year.
The firm, controlled Read More