The Sunshine State's pension sunk $250 million in Tishman Speyer's acquisition of Stuyvesant Town and Peter Cooper Village, and now, "We are carrying that investment at zero because the market softened dramatically," the executive director of Florida's State Board of Administration said today. To which the state's Attorney General responded, "What's going to happen to the investment?" To which the first guy replied, "Is there potential for recovery? Yes. Is it a strong possibility? No." Aaaaand scene. [Bloomberg]
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