Stuyvesant Town and Peter Cooper Village get some serious ink the Wall Street Journal today, and if you've been following the recent headlines surrounding Stuy Town, you know that's not a good thing. The massive East Side rental complex, recently valued at less than half of the record $5.4 billion it sold for back in 2006, may run out of cash by the end of this year, according to the paper. That's worse than other grim predictions of late, which estimated that landlord Tishman Speyer's Stuy Town reserves would run dry in 2010. A restructuring of the debt is needed to avert default/Armageddon, and a "special servicer" that deals with troubled loans is reportedly on the case.
So who are the biggest losers in this debacle? Florida (yep, the state) already fessed up to losing $250 million on the Stuy Town deal, and the WSJ has put together a chart (above) illustrating the broad mix of investors and their estimated losses?a list that includes the California State Teachers' Retirement System (CalSTRS) and, holy moly, the Church of England. Well, they had to do something with all those tithing profits, right?
· An Apartment Complex Teeters [WSJ]
· Stuyvesant Town coverage [Curbed]