The special servicer representing Stuyvesant Town's senior debt holders has completed its first appraisal on the property, and it values the megacomplex at $2.8 billion. That's slightly below the $5.4 billion that the foreclosed rental village sold for in 2006, but higher than the $1.9 billion estimate that analysts and experts have been throwing around as the whole thing imploded. Big losers: California teachers, the state of Florida, God. [WSJ]
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