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Peter Cooper Village

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WSJ: T Minus Four Months Until Stuyvesant Town Defaults

Sources tell the paper that, at maximum, the investment group headed by Tishman Speyer and BlackRock has until February before they run out of cash to service their debt on the massive property.

By Chris Rovzar

Stuy Town Sold for $5.4 Billion

So much for the tenants' group: Tishman Speyer, the real-estate behemoth that controls Rockefeller Center, among other things, has won the auction for Stuyvesant Town and Peter Cooper Village, agreeing to pay MetLife $5.4 billion for the complex. That works out to $486,769 for each of the complex's 11,232 apartments. Which would take only 243 months — a mere twenty years and change to recoup if each unit rented for the maximum allowable stabilized amount of $2,000 per month. Naturally Tishman will wait that out, right? 110-Building Site in N.Y. Is Sold to Speyer [NYT]