The largest real estate default in U.S. history / by KirstenStudio

Peter Cooper Stuyvesant Town is a 25,000 tenant rich community is now in peril. In 2006, the New York City real estate firm Tishman Speyer Properties and BlackRock Realty Advisors paid $5.4 billion for the Manhattan apartment complexes.  A joint venture between Tishman and BlackRock hinged on raising the apartment rents. Tenants sued Tishman to keep their lower rent-regulated apartments as is. The tenants argument was that a tax abatement program prevented the owners from charging higher, free-market rents. The New York State Court of Appeals ruled in the tenants favor and found Tishman Speyer and BlackRock Realty Advisors had illegally converted rent-stabilized apartments into expensive market-rent units. Tishman Speyer and BlackRock were unable to make a full $16 million loan payment that was due in January. Stuyvesant Town is a huge part of New York City's history and many have lived here their whole lives.  Check out filmmaker, Sandi Bachom video from a recent rally in support of the many tenants (she's one of them) that are currently in limbo.  I have good friends that have lived in Stuy Town for many years and raised their daughter there.  Much of New York either lives there or knows many who do.