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 the link to this very interesting saga: http://business.theatlantic.com/2010/01/tishman_partnership_turns_over_the_keys_to_stuy-town.php