New York City’s most well known blue collar neighborhood has been given to its creditors. Stuyvesant Town and Peter Cooper Village, a massive portfolio of 110 buildings and 11,227 units located on the East River in Manhattan was controlled by Tishman Spyer Properties and Blackrock Realty. Once hailed as the most expensive deal in the country sold by Met Life to the current ownership for $5.4 Billion.

The current ownership struggled under the massive debt it took on to acquire the portfolio and New York City’s rent control laws. In the end the rents collected did not cover the mortgage.

Read the whole article here - New York Times
Photo Credit - Nicole Bengiveno/The New York Times

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