Oh what a tangled web Stuy Town weaves. Now that the rental complex's owners have pulled the plug on their involvement in the $5.4 billion boo-boo, there are plenty of confusing matters to sort out, like who lost what in the big bust, and who gets the place? First up we kick it to the Times, which attempts to sort out the various levels of investors and then ranks them on a scale of how much they're about to get screwed. (Not getting screwed: Tishman Speyer and BlackRock, which each put only $112 million into the deal.) Previously unearthed Stuy Town victims include California's teachers, Florida's pensioners and, uh, God, but according to the NYT's handy graphic o' shame, it's the nation of Singapore that may need a big hug today: The government's investment corporation stands to lose up to $575 million. Michael Fay finally gets his revenge!
Meanwhile, the Wall Street Journal looks at the upcoming drama over who will take possession of the property, with initial control expected to go to CW Capital, the special servicer representing the investors holding the $3 billion first mortgage. After that, well, it's complicated, but what isn't at Stuy Town? The reports in both papers say firms such as Related, LeFrak and Rose Associates (which managed the property before MetLife sold to Tishman/BlackRock) have been approached about running the day-to-day madness that is managing 11,000+ rent-stabilized apartments.
· Fallout Is Wide in Failed Deal for Stuyvesant Town [NYT]
· Control of Stuyvesant Takes Center Stage [WSJ]
· Stuyvesant Town coverage [Curbed]