Is Stuy Town a Money Loser for Tishman?
Tishman Speyer and BlackRock realty paid $5.4 billion to purchase Stuyvesant Town and Peter Cooper Village on Manhattan’s East Side. The deal was touted as the most expensive real estate deal in American History and two year later it’s looking like a money loser. One reason why – a plan to convert rent regulated apartments into market rate ones isn’t happening fast enough. WNYC’s Cindy Rodriguez reports. REPORTER: When developer Tishman Speyer led a joint venture to purchase this bastion of middle class housing, some in the real estate world were surprised. Tishman is known for purchasing big name commercial properties such as Rockefeller Center, the Chrysler Building and the Met Life Building. Larry Longua teaches at NYU’s Schack Institute of Real Estate: LONGUA: Tishman is a global player…. it was unusual for them to wander into a residential property like this…but given the record they have around the globe with office properties they were able to convince investors to come into t
