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Grim Forecast for Stuyvesant Town Finances
By
Jen Chung
Published Jan 23, 2009
Modified Jan 23, 2009
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By
Jen Chung
Published Jan 23, 2009
Modified Jan 23, 2009
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Every $5.4 billion purchase of a sprawling apartment complex during the height of the boom has its problems! Bond analysis firm Fitch Ratings released information about Tishman Speyer's Stuyvesant Town-Peter Cooper Village complex and found the developer "has approximately six months of reserves remaining to cover the trust portion of the total debt on the property." The Observer puts it more bluntly: "When the reserve is completely eroded, Tishman Speyer... would need to put in more cash or potentially face default on its loans." The threat of default is something that observers had been suggesting since last summer, after an earlier analysis of Tishman revenue. While Tishman Speyer hasn't commented, a tipster told Curbed yesterday that much of the complex's staff seemed to be laid off.
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money
peter cooper village
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Stuyvesant Town
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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