Stuy Town Troubles Deepen


A new analysis shows that Tishman Speyer, not having yet profited on their $5.4 billion deal to take over Stuyvesant Town, may burn through its remaining $127.7 million in cash reserves on the property in the next six months. That could lead to one whopper of a real-estate default. Already there are reports that much of Stuy Town’s massive staff has been laid off. [NYO via Gothamist]