Staring down the barrel
The future ownership of one of the nation's biggest multifamily properties is uncertain as Tishman Speyer and asset manager BlackRock Realty Advisors near default on loans for the 11,227-unit, 56-building Stuyvesant Town – Peter Cooper Village on Manhattan's lower east side. In November, they transferred the $3 billion securitized first mortgage on the property to special servicer CWCapital, in whose hands the fate of the mega-complex now resides.
"There are really only three choices -- foreclosure, loan modification or a punt for a little while to see if the borrower can come in with more money," said Manus Clancy, senior managing director at credit ratings firm Trepp LLC, in late November. He has been following the mortgage closely and believes the latter forbearance scenario is unlikely.
"The buyers are so far under water that it doesn't seem to make economic sense to throw more money into it without some sort of modification. So its either loan modification or foreclosure," he said.
In the most expensive single apartment transaction in history, Tishman and BlackRock acquired Stuyvesant Town and Peter Cooper Village for $5.4 billion in October 2006 from MetLife, which built the sprawling brick complexes, with the help of tax credits and the
