not even nyc is immune mark ostrovsky: NOT EVEN N.Y.C. IS IMMUNE!
- 01/25/10 08:52 AM
In 2006 it was touted as the largest single residential real estate deal in U.S. history. That's when Tishman Spyer paid a whopping $5.4-Billion for N.Y.C's Peter Stuyvesant Town and Peter Cooper Village ... which consisted of a total of 11-Thousand apartments. Tishman Spyer essentially paid $500K per/unit ... a price that seemed to make sense at the height of the real estate bubble.
And today Tishman Spyer handed over the keys to the lender. Turns out, from what I know, that all or many of these units were rent-controlled. Maybe it's not so easy to "de-control" rent-controlled apartments? Anyway, here's (0 comments)