NOT EVEN N.Y.C. IS IMMUNE!

By
Real Estate Agent with Howard Hanna Real Estate Services

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.

NOT EVEN N.Y.C. IS IMMUNE!

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

Posted by

Mark & Elly Ostrovsky

Howard Hanna Smythe Cramer

Cellular: 216.577.1156

EMail: EllyandMark@GMail.Com

Website: http://MarkOstrovsky.Com

 

Mark is a licensed attorney in Ohio & in Massachusetts and works with his wife Elly in residential real estate representing buyers and sellers in Cleveland, Ohio's Eastern suburbs. You can search for homes on their website:

FIND A HOME: http://markostrovsky.com/

 

 

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Mark L. Ostrovsky

Howard Hanna Real Estate Services
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